(Yicai Global) Nov. 26 -- Shanghai's free trade zone is facilitating an increasingly large share of the city's trade while making it tax-free.
The China Shanghai Pilot Free Trade Zone made up 43 percent of the value that the eastern megacity logged in imports and exports during the first 10 months this year, state-backed Xinhua News Agency reported, citing data from the city's customs bureau. The value of this trade rose almost 6 percent from last year to CNY1.2 trillion (USD174.3 billion).
More than 19,000 companies have registered with the Shanghai Customs since the establishment of China's first FTZ in Shanghai in 2013. The import tax authority has 28,000 firms in total on its list.
One of the FTZ companies that spur more trade is German-funded Mann Supply Chain Management Shanghai which is the first firm to provide tax-free ship maintenance service in the Shanghai Yangshan Free Trade Port Area. Mann has increased its registered capital by CNY150 million (USD21.6 million) and begun to build an Asia-Pacific distribution center.
Another one is Shanghai COSCO Shipping Airport Bonded Logistics which has decreased the processing time of air cargo goods down to 3 hours and 40 minutes at Shanghai's Pudong International Airport. The firm handled 10,000 tons of clothing from a Spanish client in the first 10 months of this year.
Editor: Emmi Laine