Shanghai port, China’s biggest port, achieved a remarkable milestone in the first half of the year, with the total value of its imports and exports topping 5 trillion yuan ($695.33 billion), accounting for 25.7 percent of the nation’s foreign trade.
The thriving trade activity at the port has led to the development of new industries, including bonded maintenance services, inbound and outbound distribution and key industry remanufacturing – which have enhanced the quality and efficiency of foreign trade in the region.
Shanghai Customs has been actively promoting bonded maintenance services for strategic goods – such as aircraft and automobiles – within the China (Shanghai) Pilot Free Trade Zone, creating a raft of trade opportunities at the port.
Many international car brands have chosen to export their vehicles through Shanghai port, taking advantage of the preferential policies and convenient customs clearance in the Yangshan Special Comprehensive Bonded Area.
Shanghai has also taken the lead in key industry remanufacturing, with Shanghai Zhenhua Heavy Industries Co Ltd getting the green light to repair and refurbish old port machinery for re-export. The State Council has further supported the import of remanufactured products within the free trade zone, making it a major hub for these innovative foreign trade business models.
These new business formats are said to have contributed to over 80 percent of Shanghai’s foreign trade growth and demonstrated the city’s commitment to high-quality development in foreign trade.