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Shanghai aims to spur foreign trade

May 17,2017

   
   

SHANGHAI aims to nurture foreign trade by channeling greater support for trading companies and local brands.

Targeted services and incentives will be offered to 100 biggest foreign trading firms, 100 local brands and 100 new trading companies in the city, the Shanghai Commission of Commerce said yesterday.

Shanghai’s customs, inspection and quarantine bureau, tax bureau and foreign exchange regulator signed an agreement yesterday to ensure that the measures will be implemented.

The 100 key traders, including domestic and foreign investment companies in manufacturing, logistics and services, will enjoy measures such as fast customs clearance, tax refund and stronger financial support to facilitate trade. The time for customs clearance will be cut by a third from last year, the local customs said.

The 100 traders contribute to about half of Shanghai’s foreign trade, the commission said.

Shanghai authorities will produce promotional materials to be published in various international media, foreign cities and international events for the 100 local brands, which will also be promoted at overseas exhibitions.

Innovation support will be extended to another 100 new traders, mainly small and medium-sized companies in e-commerce, high-technology and service sectors. Financial support will also be given to these firms to solve their difficulties in raising funds.

Shanghai hopes that these measures will increase the number of large traders with annual imports of over US$300 million and exports above US$200 million.

Official data showed Shanghai’s imports surged 25 percent year on year in the first quarter, while exports rose 13.2 percent in yuan terms.

They were slower than the national growth of 31.1 percent in imports and 14.8 percent in exports in the same period.