City issues new incentives to further open up Yangshan

Li Xinran
Free trade zone's incentives to further open up the Yangshan Special Comprehensive Bonded Zone and turn it into a '10-in-one' center by 2035.
Li Xinran

Shanghai’s free trade zone issued 88 incentives on Tuesday to further open up the country’s exclusive special comprehensive bonded zone.

The incentives focus on eight aspects, including the efficient and convenient flow of goods and funds, financial liberalization and innovation, global logistics and supply chain management, high-end manufacturing and cross-border services.

In terms of industrial development, Yangshan will comply with the new trend of global investment and trade rules such as CPTPP, the Canada-United States-Mexico Agreement, and pay attention to the integration, agglomeration, liberalization and facilitation of investment and trade services, as well as the integration of onshore and offshore business, finance and trade, and trade and industry, according to Wu Wei, a deputy director of the Lingang Special Area Administrative Committee.

By 2035, Yangshan will become a “10-in-one” center, namely international transfer and assembly center, international distribution center, international processing and settlement center, global sales and service center, cross-border digital trade center, global testing and maintenance and green remanufacturing center, high-end R&D and manufacturing center, international financial asset trading center, international commodity spot trading center and international financial leasing center.

The current Yangshan Special Comprehensive Bonded Zone includes Small Yangshan Island, Luchao Port and the southern part of Pudong International Airport.

Taking the advantages of the Yangshan Deep Water Port, Small Yangshan Island will focus on shipping and logistics, port services, international entrepot trade, international transfer and assembly and other businesses to build itself into a leading area of international shipping services.

Luchao Port will focus on headquarters economy, bulk commodities, financial leasing, offshore trade, cross-border finance, international R&D and manufacturing to become a multifunctional cross-border trade hub at the same time, according to Wu.

The southern part of Pudong International Airport will become a civil aviation innovation demonstration area by focusing on aviation R&D and manufacturing, airfreight transfer and assembly, airfreight cold chain logistics, and aviation professional services, according to Wu.

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