Shanghai Yangshan deepwater port. Photo: iStock
Shanghai Yangshan deepwater port. Photo: iStock

Shanghai has submitted an official proposal to build a free trade port to relevant state ministries for further comments, the Economic Information Daily reported.

Compared with the Shanghai Free Trade Zone (FTZ), the free trade port is expected to make new breakthroughs in border liberalization and eliminate or minimize some trade control measures for incoming goods.

It is expected that the free trade port will not be subject to customs clearance, as well as enjoy tax exemptions and unrestricted re-export trade.

In addition, international financial leasing and other offshore industries will also become major bright spots in the Shanghai Free Trade Port.

At the same time, Zhejiang, Fujian, Guangdong provinces are also in the process of exploring the possibility of constructing a similar free trade port.