Operations at the new China (Shanghai) Pilot Free Trade Zone (FTZ) started on Sunday, September 29, as the world’s second-largest economy looks for new ways of reducing government intervention and opening itself more widely to foreign trade and investment, according to state media.
Located in the outskirts of Shanghai, the 28.78 -square-kilometer (11-square-mile) FTZ covers four existing ‘bonded zones’ in the eastern Chinese megacity, including the Waigaoqiao Free Trade Zone, Waigaoqiao Free Trade Logistics Park, Yangshan Free Trade Port Area and the Pudong Airport Comprehensive Free Trade Zone. It is believed it may eventually expand to cover the entire Pudong district which covers 1,210.4 sq km of land.
According to the policy summarizing of FTZ by Elite Stage China business legal team, following is the elaboration of main policy, company registration, virtual address of registration, detailed functions and etc. Learn more information, you can contact Elite Stage China.
Geographical advantages of FTZ, Located in port area, near the exit of Yangtz River and Pu Dong international airport, deep seawater port. This advantages decided this area’s got a very strong logistics transportation systems.
Bonded policy have brought advantages like products entry without customs duties or import linkage tax, tax lagging, inconformity settlement of foreign exchange capital and product flow.
Associated industries restrictions are eased Restrictions on trade as well as 18 service sectors ranging from finance and shipping to cultural services would be eased.
Free access to social media Foreign companies will be allowed to produce and sell video games as long as the content passes censorship. Furthermore, they can establish call centers, provide Internet information and software technology services.
Custom clearance, Offsite custom clearance, no time limits for cancellation, trade settlement with US dollars, cargo transshipment, logistics, domestic trading.
Financial and foreign exchange policy, Global offshore financial business ,trans boundary CNY business and loosen regulation policy of foreign exchange. Foreign exchange cancellation is not implemented in the zones and foreign exchange values can be fully retained by the enterprises. The flexible and convenient foreign exchange policy is adopted according to Administrative Measures on Foreign Exchange in Bonded Supervision Area.