04 July 2013 07:55 [Source: ICIS news]
SINGAPORE (ICIS)--The Chinese government has approved plans to set up a free trade zone in Shanghai, according to a statement released after a State Council meeting on Wednesday.
The Shanghai Integrated Free Trade Zone will be the first of its kind in China and it will come under the supervision of China Customs, according to the statement.
The free trade zone will have four special areas, one of which is the Shanghai Waigaoqiao Free Trade Zone, which will serve the key sectors of import and export trade as well as product research and development.
Further details were not immediately available.
The project is expected have a positive impact on Shanghai’s development in the next 10 years, a source at Shanghai Pudong Reform and Development Research said.
It will be a good chance and platform for Shanghai to become a trading and logistics hub in northeast Asia, the source added.
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