Expo Area boosts intl trade of bulk commodities

The Ecological Integration Zone for International Trade of Bulk Commodities in Expo Area was unveiled in Pudong New Area, Shanghai on July 7.

The zone's establishment will help enhance the country's international pricing power for bulk commodities, said Shen Feng, deputy director general of the Expo Area's administration.

At the unveiling ceremony, the commerce commission of Pudong and the Expo Area's administration jointly released a series of measures to boost the construction of the ecological integration zone.

The measures cover various aspects including awards for economic contributions, incentives for international trade, housing subsidies for high-end professionals, green channels for household registrations and more.

At present, the Expo Area has nearly 200 bulk commodity trade companies, which are engaged in trading a wide range of commodities such as nonferrous metals, precious metals, iron ores, petrochemicals, and agricultural produce.

The companies combined revenue totaled 600 billion yuan ($88.68 billion) last year, accounting for nearly 20 percent of Pudong's total bulk commodities sales revenue.

It is estimated that by 2025, an ecological integration zone for international bulk commodity trade with regional clout will take shape in the Expo Area, with trade volume exceeding 1 trillion yuan.

By 2030, the zone is expected to expand its influence around the globe and build a yuan-denominated cross-border settlement and pricing center for the international trade of nonferrous metals, with the trade volume amounting to 2 trillion yuan.