The Jiading Export Manufacturing Park will be soon turned into a comprehensive free trade zone in a bid to establish a platform for cross-border e-commerce and hatching emerging industries. The detailed plan of the reform and the partnership with the China (Shanghai) Pilot Free Trade Zone has been released.
The park has been involved in businesses such as bonded logistics and warehouse services and dedicated to research and development, testing, repair and trade services for years. Such functions are similar to a comprehensive free trade zone.
An official said that the park will focus on boosting businesses in cross-border e-commerce. Due to the advantageous location, the zone's delivery capability can cover the whole city and some developed cities in Zhejiang and Jiangsu provinces within two hours. As the zone has a cluster of companies in the area, it provides a solid base for the development in cross-border e-commerce in future.
The Shanghai Customs approved the Jiading Export Manufacturing Park to trial the cross-border e-commerce business last November.
With the establishment of a business platform, overseas products will be put in bonded warehouses. Residents can buy these products easily from certain authorized websites by paying a relatively low tax. The measure not only broke the tradition but also greatly improved the foreign trade service system.
As the platform grows, a series of businesses with high added value, such as factoring, financing, leasing and futures settlement, will be available. The concept of "Internet plus" will also be adopted to further promote businesses such as logistics and financial services.