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Shanghai FTZ proves magnet for trade, investment

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      China

      China

      Shanghai FTZ proves magnet for trade, investment

      2024-08-07 17:33 Last Updated At:21:57

      The China Shanghai Pilot Free Trade Zone (FTZ) has played a key role in the promotion of financial openness and innovation since its establishment 11 years ago, with foreign exporters to China benefiting from policies that expedite customs processing and facilitate trade and investment.

      In March 2024, the world's first New Zealand kiwifruit charter ship, owned by fruit giant Zespri, arrived in Shanghai. Over 460,000 boxes of kiwifruit onboard were cleared by customs in just one day and graced supermarket shelves by the very next day. The rapid customs processing of kiwifruit, crucial for maintaining its freshness, stood as a strong testament to the enhanced trade facilitation in Shanghai.

      "We already have very rapid clearance of our fruit, and last year we agreed a quarantine protocol between the two countries, which now means that the big majority of the kiwifruit that arrives actually clears customs the same day," said Ivan Kinsella, Zespri International's vice president of public affairs for greater China.

      Such efficiency is also backed by Zespri's recognition as an Authorized Economic Operator (AEO) by Shanghai Customs, initiated by the World Customs Organization.

      "Twenty or so years ago, the Chinese mainland only accounted for about 5 percent of our total trade, but now it's getting up around 25 percent. From these figures, you can see that China's reform and opening up policies have continued to be very favorable for us," said Kinsella.

      AEO status grants a company preferential management measures such as priority processing, reduced frequency of supervision and optimized services to facilitate customs clearance.

      As of the end of May, Shanghai customs certificated 540 AEOs. Together they contribute over one-third of the city's import and export value.

      So far, China has signed AEO mutual recognition agreements with 28 economies, which cover 54 countries and regions. Both numbers rank first globally.

      Since its inauguration 11 years ago, the China Shanghai Pilot FTZ has achieved numerous policy breakthroughs, with many innovative practices such as the negative list for foreign investment, the single window platform and the free trade account having been extended nationwide.

      "When the business environment is continuously improving and becoming more market-oriented, law-based, and internationalized, it can attract more investment. The introduction of projects goes hand in hand with the advancement of institutional innovation," said Yang Chao, deputy director of administration for the Shanghai Pilot FTZ.

      Starting from Shanghai FTZ, China's pilot FTZs have expanded from 1 to 22, showcasing 349 successful cases of national institutional reform. By 2023, these zones accounted for 18.4 percent of China's total import and export value, attracting increasing foreign trade and investment.

      Shanghai FTZ proves magnet for trade, investment

      Shanghai FTZ proves magnet for trade, investment

      Next Article

      Transformation, upgrading of China's manufacturing investment accelerates in 2024

      2025-01-20 22:37 Last Updated At:23:07

      China in 2024 saw a faster transformation and upgrading of investment in manufacturing industry, a strong growth of investment in high-tech industries, and a rebound of investment in infrastructure construction, according to the latest data released by the National Bureau of Statistics on Saturday.

      The investment in manufacturing industry grew by 9.2 percent compared to the previous year, or six percentage points higher than the growth rate of overall investment. In particular, investment in technological upgrades of manufacturing industry increased by eight percent, or 4.8 percentage points higher than overall investment growth.

      Private investment in manufacturing grew by 10.8 percent, driving up overall private investment by 5.3 percentage points.

      The structure of investment continued to optimize. Investment in high-tech industries rose eight percent compared to the previous year, which was 4.8 percentage points higher than the growth rate of overall investment. In particular, investment in high-tech manufacturing grew by seven percent, and that in high-tech service industry grew by 10.2 percent. Investments related to high-tech industries, such as aerospace equipment manufacturing and professional technical services, increased by more than 30 percent.

      In 2025, China plans to moderately increase central government budgetary investments, issue ultra-long-term special treasury bonds and local government special bonds, and enhance efforts to support projects for implementing major national strategies and building security capacity in key areas, as well as implementation of large-scale equipment upgrades and consumer goods trade-in programs, with the aim of stimulating private investment activity through various measures, effectively leveraging government investment to drive social investment, improving investment efficiency, and promoting steady growth in investments.

      Transformation, upgrading of China's manufacturing investment accelerates in 2024

      Transformation, upgrading of China's manufacturing investment accelerates in 2024

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