Shanghai on Wednesday opened two comprehensive bonded zones to help boost international trade.
This upgrades the Caohejing Comprehensive Bonded Zone, formerly the Caohejing Export Processing Zone in Minhang district, and the Fengxian Comprehensive Bonded Zone, previously known as the Minhang Export Processing Zone, to a higher free-trade level.
The upgraded zones received their certificates on Wednesday, which were handed over by Shanghai Vice Mayor Chen Yin.
The Caohejing Comprehensive Bonded Zone has attracted many leading companies in various industries, including logistics, high-end manufacturing and technology innovation.
Several Fortune Global 500 companies such as Inventec Corporation and Medtronic plc have settled in the Caohejing zone.
The Fengxian Comprehensive Bonded Zone has focused more on new energy, IT, equipment manufacturing and logistics.
For the next step, the Fengxian bonded zone plans to attract more companies in cosmetics, health care, and medical equipment, aiming to first build a business cluster for the beauty and health care sector.
The special customs supervision zones were established to connect domestic and foreign markets and support the transfer of international skills and technology.
By the end of 2018, China had set up 140 special customs supervision zones, including 10 special zones in Shanghai covering 38.786 square kilometers.
The 10 zones are the Shanghai Waigaoqiao Free Trade Zone; four export processing zones in Songjiang, Jinqiao, Qingpu and Jiading; a bonded logistics park — the Waigaoqiao Bonded Logistics Zone; a bonded port — Yangshan Bonded Port; and three comprehensive bonded zones in Shanghai Pudong International Airport, Caohejing area, and Fengxian district.
In 2018, the special customs supervision zones in Shanghai posted total import and export value of US$187.45 billion, up 6 percent from a year earlier, accounting for 28 percent of the city’s total foreign trade.
The zones also contributed 260.15 billion yuan (US$38.83 billion) of industrial production, accounting for 11 percent of total industrial production for all special supervision zones in China.