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April 13, 2017

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Home » Business » Finance

Shanghai is biggest global trading city

By Feng Jianmin | 00:01 UTC+8 April 13, 2017 | Print Edition

SHANGHAI has emerged as the world’s largest international trading city due to the government’s measures to encourage and upgrade trade, government officials said yesterday.

Imports and exports through the city’s ports totaled 6.88 trillion yuan (US$998 billion) last year, accounting for 28.3 percent of national value and 3 percent of global trade, Shanghai Commission of Commerce said yesterday.

Shanghai has overtaken Hong Kong and Singapore to be the largest international trading city, according to the commission.

Shanghai did so by cutting red tape, encouraging cross-border e-commerce platforms and supporting development of local brands, said Shen Weihua, a deputy director of the commission.

He said Shanghai’s foreign trade is set to grow 20 percent in the first quarter of this year to around 750 billion yuan.

The creation of a pilot zone for cross-border e-commerce platforms has helped trade become more efficient and cut costs through faster customs clearance and foreign exchange payments.

Trade conducted in the pilot program in 2016 rose six times from a year ago to nearly 2.5 billion yuan, official data showed.

The commission said more efforts will be done to improve Shanghai as a global trade center. The tasks include improving quality of exports and imports as well as innovation in trade and service trading.

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