China Begin to Build Shanghai Freeport
At present, Shanghai has submitted the proposal of building a free port to the State related ministries and commissions for advice. Shanghai Pudong will work with the relevant departments to construct a monitor platform and other facilities so as to prepare for the official launch according to Economic Information Daily on November 13.
Free port is a port open to all traders where majority goods are exempt from customs duty. It is the world’s highest open level special economic zones.
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Hong Kong Freeport
Hong Kong, Singapore, Rotterdam, Dubai are all typical free ports. China's coastline is long and its islands are rich in resources. Exploring and building a free port in Shanghai is of great significance to promoting the innovative development of an open economy.
The construction of a free port will allow goods, funds and personnel to enter and leave Shanghai in the future without any tariffs on goods. This will undoubtedly lead to a higher degree of opening up to the world and will promote the rapid development of transit trade, offshore trade, offshore finance and modern logistics.
Specifically, the construction of a free port will bring great benefits to the field of logistics trade and provide institutional dividends for transit trade enterprises, logistics enterprises, exhibitions and assembly-related enterprises.
It is conservatively estimated that Shanghai Freeport will start construction by 2020.
Sources: Xinde Marine News
Editor: Carrie Zhu
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