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FTZ contributes to over 40% of Shanghai import, export in first 10 months

Updated: Nov 26,2018 9:43 PM     Xinhua

SHANGHAI — The Shanghai Free Trade Zone (FTZ), with an area of 120 square kilometers, generated 42.9 percent of the total import and export of the municipality in the first 10 months, local authorities said on Nov 25.

The data came days after the State Council, China’s cabinet, released a raft of measures supporting pilot FTZs to deepen reform and innovation.

According to the Shanghai Customs, more than 19,000 new enterprises have been registered since the FTZ was founded five years ago, bringing the total number to 28,000.

The total import and export volume in the first 10 months in the Shanghai FTZ has reached 1.21 trillion yuan ($174 billion), up by 5.8 percent year-on-year.

The Shanghai FTZ was China’s first pilot FTZ set up in 2013. Since then, China has set up a total of 12 FTZs, with the latest addition being the island province of Hainan, the country’s largest FTZ.

Pilot FTZs have become pioneers in promoting the country’s reform and opening-up. Up to 153 practices piloted in the FTZs have so far been replicated in other regions or sectors.

On Nov 23, China released a document that included more than 50 measures to create a more favorable investment environment in the FTZs, especially on trade facilitation, financial innovation and advancing the human resource sector.