Government News
Shanghai’s Yangshan Bonded Zone to Expand, Log Over USD146.3 Bln in Total Income by 2025 2022-08-25
Shanghai’s Yangshan Bonded Zone to Expand, Log Over USD146.3 Bln in Total Income by 2025
The Yangshan Special Comprehensive Bonded Zone in Shanghai, which allows customs-free trade among enterprises based in the special area, is to increase in size and aims to rake in over CNY1 trillion (USD146.3 billion) in cumulative operating revenue by 2025.
“Efforts are being made to include Luchao Port into the Yangshan Bonded Zone,” Zhao Yihuai, deputy director of the management committee of Lingang New Area in the China (Shanghai) Pilot Free Trade Zone, said at a meeting about the zone’s development yesterday.
Luchao Port, which has an area of 3.4 square kilometers, will focus on developing high-level shipping services, commodity trading, automobile roll-on-roll-off shipping and cold chain logistics as well as advance innovative bonded businesses such as processing manufacture and cross-border e-commerce, according to a long-term development plan released by the local government yesterday.
“The Yangshan Bonded Zone, which lies close to major transport hubs Yangshan deep water port and Pudong International Airport, aims to report over CNY1 trillion in total operating income by 2025 and more than CNY10 billion in innovative bonded businesses,” Zhao noted.
The Yangshan Bonded Zone aims to post over CNY50 billion (USD7.3 billion) in offshore trade volume by 2025, more than CNY220 billion in imports and exports, over 26 million twenty-foot equivalent units in container throughput and more than CNY100 billion in income from shipping logistics services, according to the published plan.
The Yangshan Bonded zone, which covers 25.3 square kilometers, was set up by the country’s cabinet in January 2020 to serve as a global demonstration area for free, convenient and integrated international investment, trade and services by doing away with unnecessary regulation, permission and procedures.
It currently consists of Xiaoyangshan Island, which provides port services and international trade businesses, and the southern part of Pudong International Airport, which focuses on aircraft manufacturing, plane maintenance, aviation materials distribution as well as air transit and less-than-container-load services.
The Yangshan Bonded Zone posted a 34 percent jump in foreign trade in the first eight months from the same period last year to CNY100.1 billion (USD14.5 billion), according to the latest statistics from China customs. Foreign trade has grown at an average annual rate of over 40 percent since 2020.
The special area logged a 26 percent increase in total operating income from January to June at CNY328.6 billion. Revenue has swelled more than 48 percent a year since 2020.
Source: Yicai
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