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Shanghai offers new incentives for traders

By Feng Jianmin | 18:14 UTC+8 May 16, 2017 | Online Edition

SHANGHAI aims to boost foreign trade with greater supports for trading companies and local brands.

Authorities will offer targeted services and incentives for top 100 foreign trade companies, 100 local brands, and 100 new trading companies in Shanghai, the Shanghai Commission of Commerce said today.

For the 100 key traders, including both domestic and foreign investment companies across manufacturing, logistics and services companies, the authorities will ensure fast customs clearance and tax refund among measures to facilitate trade.

The 100 traders contribute to about half of Shanghai's foreign trade, Commerce commission said.

Time for customs clearance will be cut by a third from last year, the local customs said.

The key companies will also enjoy priorities in attending trading fairs and stronger fiscal support.

For the 100 local brands, authorities will produce promotional materials to be published in various international media, foreign cities, and international events.

Another 100 new traders, mainly small and medium sized companies in e-commerce, high technology and services sectors, will benefit from more flexible policy supports for innovation.

With these measures, Shanghai aims to increase the number of large traders with annual imports over US$300 million and exports over US$200 million.

The contribution from local brands is expected to rise 20 percent year on year.

Official data showed Shanghai's imports rose 25 percent year on year in the first quarter, while exports were up 13.2 percent in yuan terms.

They were slower than the national growth of 31 percent and 15 percent respectively.

Commerce commission said Shanghai's foreign trade growth will continue to improve in the near future, but pressure will build up under international protectionism and rising costs in local labor and land.

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