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June 3, 2020

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Shanghai FTZ unveils plan for transforming Yangshan

By Li Xinran | 00:00 UTC+8 June 3, 2020 | Print Edition

SHANGHAI’S free trade zone yesterday unveiled a raft of measures aimed to further open up the Yangshan Special Comprehensive Bonded Zone.

The eventual aim is to turn Yangshan, covering just over 8 kilometers and a key gateway to the East China Sea, into an internationally recognized free trade port.

The zone includes Small Yangshan Island, Luchao Port and the southern part of the Pudong International Airport.

Wu Wei, a deputy director of the Lingang Special Area Administrative Committee, said the city wants to bring Yangshan into line with global trends in increasingly liberalized trade and investment services.

Shanghai also wants to develop the integration of onshore and offshore business, finance, trade and industry, Wu said.

Small Yangshan Island will focus on shipping and logistics, port services, the international trans-shipment trade, international transfer and assembly and other businesses.

The city government’s strategy is to build the island into a global leader in international shipping services.

Luchao Port will focus on attracting major international companies to establish their regional headquarters there and becoming a hub for bulk commodities.

It also aims to be a center for financial leasing, offshore trade, cross-border finance, international research and development and manufacturing and to become a multifunctional cross-border trade hub.

The southern part of the Pudong International Airport will become a civil aviation innovation demonstration area.

It will prioritize aviation research and development and manufacturing, air freight cold chain logistics, and aviation services, Wu said.

By 2035, Yangshan will become a “10-in-one” center

International transfer and assembly center

International distribution center

International processing and settlement center

Global sales and service center

Cross-border digital trade center

Global testing and maintenance and green remanufacturing center

High-end R&D and manufacturing center

International financial asset trading center

International commodity spot trading center

International financial leasing center

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