Pudong New Area holds conference on promoting trade

On June 20, Pudong New Area in Shanghai held a conference on promoting the high-quality development of trade in the region.

Shanghai General Station of Immigration Inspection

At the conference, the Pudong New Area government and the Shanghai General Station of Immigration Inspection signed an agreement to promote pilot reforms in the area.

The Shanghai General Station of Immigration Inspection announced four measures to support  higher-level opening-up in Pudong and to facilitate customs clearance:

1. Talent

- Improve the customs clearance experience for Chinese and foreign travelers by further optimizing inspection processes.

- Implement new policies and measures for facilitating cultural and personnel exchanges in Pudong first.

2. Business environment at ports of entry/exit

- In collaboration with Pudong New Area, explore and improve highly facilitated mechanisms for the cross-border flow of goods and factors.

- Implement inspection and supervision models that are more compatible with international high-standard economic and trade rules.

- Enhance efforts to develop Pudong into a transfer hub for international passengers and an international seafarers crew change hub.

3. Institutional opening-up

- With a focus on developing the Shanghai Eastern Hub International Business Cooperation Zone, deepen institutional and practical innovation in immigration management and services.

4. Security system

- Improve new police operation models.

- Coordinate with relevant departments to strengthen early warning mechanisms at airports and ports.

Shanghai Head Office of the People's Bank of China

During the conference, the Shanghai Head Office of the People's Bank of China introduced four measures to support new forms of foreign trade in Pudong New Area:

1. Support the development of offshore trade in Pudong New Area.

2. Promote the growth of new forms of cross-border e-commerce.

3. Expand and enhance policies facilitating the receipt and payment of trade-related foreign exchanges.

4. Promote banks' efforts to expand and optimize their operations in the foreign exchange sector.

Shanghai Customs

Shanghai Customs announced five measures to facilitate cross-border trade in Pudong.

These measures aim to further improve customs clearance efficiency, enhance services for enterprises, strengthen industries, foster diversified business formats, and promote smarter supervision.

At the conference, newly certified companies were awarded Authorized Economic Operator (AEO) status.

Shanghai Municipal Commission of Commerce

The Shanghai Municipal Commission of Commerce introduced policy measures focusing on two areas: supporting the development of the core area of the Shanghai International Trade Center and facilitating reforms in the cross-border trade business environment in Pudong.

Pudong New Area

Pudong New Area has initiated eight measures to enhance the development of high-quality foreign trade.

1. Accelerating high-standard institutional opening-up

Pudong will fully implement national strategic initiatives, such as transforming into a pioneer of socialist modernization. Pudong will promote the implementation of pilot measures.

2. Promoting trade in goods

Pudong will expand its export of high-tech products, designate district-level demonstration enterprises for the Shanghai International Trade Distribution Center, establish transaction and service bases for second-hand car exports, and foster new growth opportunities in foreign trade.

3. Accelerating service trade development

Pudong will cultivate new forms of digital trade, including digital services and technologies, promote the use of digital renminbi in international trade settlements, and support the expansion of policy-based export credit insurance into the service trade sector.

4. Promoting high-quality development of bulk commodities

Pudong aims to attract prominent entities in bulk commodity trading, assist existing enterprises in scaling up, encourage commodity trading platforms to elevate their standards, and provide comprehensive support based on enterprise performance evaluations. It will also foster innovation in bulk commodity trade, optimize duty-related service support, and enhance provisions for talent and housing.

5. Building an innovative cross-border e-commerce ecosystem

Pudong will continue its efforts to establish Shanghai as a pilot zone for Silk Road e-commerce cooperation, attract high-quality projects, expand the coverage of export tax rebate services under regulation code 9810, and pilot customs clearance for sea freight exports under regulation code 9610. It will strive to establish a municipal-level demonstration park for cross-border e-commerce.

6. Supporting bonded repair and remanufacturing development

Pudong will expedite bonded maintenance legislation, enhance benefits for enterprises in the free trade zone, and extend industrial, supply, and value chains. It will broaden pilot coverage for remanufactured products categorized as new imports and explore opportunities for key enterprises to engage in bonded remanufacturing with operations conducted both domestically and internationally.

7. Enhancing cultivation of AEO enterprises

Pudong will collaborate with local customs to bolster the cultivation of key enterprises, including specialized, innovative, and high-growth enterprises. It will innovate cultivation and certification models to encompass all firms under a group company or within an industrial or supply chain. Additionally, it will explore joint incentive measures applicable to AEO enterprises.

8. Strengthening customs special supervision areas

Pudong will advance the integrated development of domestic and foreign trade within the Waigaoqiao Bonded Area, deepen the pilot of zone-port collaboration in the Waigaoqiao Port Comprehensive Bonded Zone, support the synchronized development of the Pudong Airport Comprehensive Bonded Zone and the Shanghai Eastern Hub International Business Cooperation Zone, and promote the construction of the Jinqiao Comprehensive Bonded Zone.

The import and export value of goods trade in Pudong New Area increased from 1.55 trillion yuan in 2013 to 2.58 trillion yuan in 2023, accounting for 56.6 percent and 61.2 percent of the city's total foreign trade value, respectively.

In 2023, the import and export of services trade in Pudong New Area amounted to $105.6 billion, constituting over 50 percent of the city's total. Offshore re-export trade value reached $55.2 billion, representing nearly 90 percent of the city's total.

Source: "pdnews" WeChat account