City targets moves to propel hub status
By Pan Xiaoyi |
January 16, 2010, Saturday
|
Print Edition
Print Edition
SHANGHAI plans to promote offshore financial business in its free trade zones and create an offshore trading center this year to boost the development of the city into a global shipping hub and financial hub.
The government aims to tap the current foreign exchange and taxation policies to encourage multi-national companies to turn the city's free trade zones into an important offshore trading center in northeast Asia and Asia Pacific.
It also pledged to step up efforts to set the framework and draft measures to launch offshore financial business in Yangshan Free Trade Port Area this year, according to a meeting yesterday chaired by Yang Xiong, vice mayor of Shanghai and director of a commission that manages the city's three free trade zones in Pudong International Airport, Waigaoqiao Port and Yangshan Deep-water Port.
The commission was set up in November to build the city into an international shipping, trade and financial center. It targets an economic growth of 12 percent for the bonded zones this year and a trade volume of US$60.7 billion as well as industrial output worth 55 billion yuan (US$8.1 billion).
The commission plans to exempt global shipping companies which set up headquarters in Yangshan port from paying tax. It also wants to lure health and auto companies to Waigaoqiao and to attract several major logistics firms to set up business at a zone, which will be operational by the end of March, at Pudong airport.
The first group of financial leasing firms for jets and ships will start operating at Pudong airport and the deep-water port this year.
The government aims to tap the current foreign exchange and taxation policies to encourage multi-national companies to turn the city's free trade zones into an important offshore trading center in northeast Asia and Asia Pacific.
It also pledged to step up efforts to set the framework and draft measures to launch offshore financial business in Yangshan Free Trade Port Area this year, according to a meeting yesterday chaired by Yang Xiong, vice mayor of Shanghai and director of a commission that manages the city's three free trade zones in Pudong International Airport, Waigaoqiao Port and Yangshan Deep-water Port.
The commission was set up in November to build the city into an international shipping, trade and financial center. It targets an economic growth of 12 percent for the bonded zones this year and a trade volume of US$60.7 billion as well as industrial output worth 55 billion yuan (US$8.1 billion).
The commission plans to exempt global shipping companies which set up headquarters in Yangshan port from paying tax. It also wants to lure health and auto companies to Waigaoqiao and to attract several major logistics firms to set up business at a zone, which will be operational by the end of March, at Pudong airport.
The first group of financial leasing firms for jets and ships will start operating at Pudong airport and the deep-water port this year.
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