Offer of rewards up to 2m yuan to promote export processing zone

Newly registered foreign-funded enterprises can enjoy a maximum reward of 2 million yuan (US$290,000), according to a cooperation memorandum signed by Jiading District and Shanghai Customs to promote transformation and upgrading of the Jiading export processing zone.

The memorandum will also help accelerate final establishment of the Jiading Comprehensive Bonded Zone.

With a package of support measures, it says that qualified top talent can obtain subsidies of up to 6 million yuan for innovation and entrepreneurship, and home settlement.

According to the memorandum, Jiading and Shanghai Customs will give better play to their respective advantages in policy, management and information to improve the local business environment.

The two sides will focus on the construction of Jiading automotive industry cluster, continue to support the host of F1 events in Shanghai International Circuit, better support the expansion of functions of the public bonded warehouse of national auto and parts export base (Shanghai), and support Jiading enterprises to carry out bonded storage of whole vehicles and export of second-hand cars.

To support the high-quality development of Jiading Comprehensive Bonded Zone, the two sides will support the transformation, upgrading and business innovation in the zone, carry out pilot projects for the qualification of general VAT taxpayers and make good use of the policies of classified supervision of warehousing goods.