Shanghai trade promotion: the Yangshan Special Comprehensive Bonded Zone unveiled on May 16
Shanghai is one of the cities that have been actively fueling a fresh economic boom in terms of foreign investment and international trade promotion.Shanghai unveiled the Yangshan Special Comprehensive Bonded Zone on May 16, marking another major step forward in the national commitment to deeper and overall opening-up. Located in the Lingang Special Area of the China (Shanghai) Pilot Free Trade Zone, Yangshan was approved for an upgrade into a special comprehensive bonded zone by the State Council last Jan 17.
As China’s first and only special comprehensive bonded zone, it will be of great significance for enterprises to better deal with the adverse effects of the COVID-19 pandemic, and to turn the crisis into an opportunity to improve competitiveness in international markets. The Yangshan Special Comprehensive Bonded Zone is being promoted through a special supervision guideline to implement opening-up policies and mechanisms competitive worldwide.
One of the measures is to remove unnecessary trade supervision, permits or processes
One of the measures is to remove unnecessary trade supervision, permits or processes while taking safety and efficiency as the top priority. In addition, the customs declaration system will be simplified to the greatest extent to highlight management freedom.
Customs statistical methods will be upgraded as well, creating more room for the development of international transfer services.
One month ago, Shanghai also issued an action plan to promote development of the online new economy
The launch of the Yangshan Special Comprehensive Bonded Zone is not the only initiative Shanghai has adopted to boost its economy amidst the global recession caused by COVID-19. One month ago, Shanghai also issued an action plan to promote development of the online new economy, focusing on 12 crucial areas such as unmanned factories, industrial internet and online health care.
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