FTZ measures to go citywide

FTZ measures to go citywide
SHANGHAI will adopt trade-easing measures practised in its free trade zone in a bid to reverse a grim outlook for trade, the city government said in a document released on its website yesterday.
Reforms on customs management and export, and import inspection and quarantine will be deepened at the China (Shanghai) Pilot Free Trade Zone and the city will expand them to more eligible enterprises and areas.
Customs clearance procedures and reducing inspection and quarantine declaration paperwork will be further simplified, the document said. The pilot measure allowing shipping goods to enter the zone before going through customs declaration procedures will be applied to air cargo.
“In response to a grim outlook for trade, the measures aim to maintain a fast growth in service trade and promote the transformation of the trade growth pattern,” the document said.
Shanghai will encourage companies to offer maintenance services to overseas customers and will finalize policies for financial leasing companies.
Firms will also be encouraged to build infrastructure in foreign countries as a way to boost exports of high technology equipment and high value-added services. The city also vowed to simplify foreign exchange management by easing procedures for cross-border yuan settlement and developing a cash pooling business.
Last month, Shanghai released a plan to build the city into a global trading center, which includes better protection of intellectual property, incentives for firms that relocate their headquarters to the city, and supporting small and medium-sized firms.

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