China plans multipurpose free port for Shanghai Free Trade Zone

SHANGHAI - China plans to introduce high-standard trade, financial, foreign currency and investment supervision systems as part of a free port within the Shanghai Pilot Free Trade Zone to further compete with other major shipping hubs such as Singapore and Hong Kong, the Ministry of Commerce said yesterday.

China Daily quoted Commerce Ministry Spokesman Gao Feng as saying the Ministry is co-ordinating with the Shanghai municipal government and related administrations to plan establishment of the free port based on successful experiences gained from the development of the Shanghai FTZ.

"It will not be a unique case, with the China (Zhejiang) Pilot FTZ also developing a plan for another free port within the Zhejiang FTZ to further liberalise trade in bulk commodities, in particular in crude and refined oil," Gao said.

The free port is expected to be located within the Shanghai FTZ and will cover Waigaoqiao port, Shanghai Waigaoqiao bonded zone and Yangshan bonded port area.  www.webershandwick.cn (ATI).