Pudong lays out plan to develop intl shipping hub

Pudong New Area in Shanghai is looking to increase its competitiveness as an international shipping center by pushing forward the development of China (Shanghai) Pilot Free Trade Zone, the Yangtze River Delta (YRD) region, and the Belt and Road Initiative, according to a plan released on May 28.

The 35 item plan focuses on five major areas – deepening reform of the Shanghai FTZ, expanding shipping resources and attracting investment, optimizing the business environment for the shipping industry, strengthening international cooperation and exchange, and improving the distribution system of ports in the YRD region.

Pudong will also explore an open shipping policy system with international competitiveness, and promote an open international transportation management and ship registration system.

Official statistics revealed that Pudong is now home to over 25 foreign-funded international ship management enterprises, 17 of which set up operations in the area after the establishment of Shanghai FTZ in 2013.

The world's top three shipping management companies – V.Ships, Anglo-Eastern Univan Group and Bernhard Schulte Shipmanagement Group – have set up bases in Pudong.

A survey of the shipping management companies in Pudong showed that their business was often impeded due to difficulties in tax management, cross-border settlement, and customs clearance.

To this end, Pudong will improve supervision of the ports, speed up tax reimbursement, and allow international shipping management companies to provide cross-border taxation services to overseas ship owners.

Meanwhile, Pudong will continue to optimize businesses in foreign exchange and customs clearance, build up public platforms for bonded supply materials of ships, and simplify procedures in customs supervision.