The Shanghai Jiading Comprehensive Bonded Zone. [Photo/jiading.gov.cn]
The Shanghai Jiading Comprehensive Bonded Zone was recently chosen as part of the first batch of innovation zones linked with the China (Shanghai) Pilot Free Trade Zone, which means it is poised to benefit from more favorable policies.
This initiative aims to extend the application of beneficiary policies beyond Shanghai FTZ's current boundaries, deepen reforms in key sectors, and boost high-level reform and opening-up.
Located in the Jiading Industrial Zone in Jiading district, the bonded zone leverages its modern manufacturing base to boost international trade. Shanghai Jiuyi Trading Co, for instance, has benefited from streamlined customs processes, achieving around 38 million yuan ($5.35 million) in sales revenue in 2023 by exporting hotel supplies to the Middle East and Europe. The company is also exploring B2C e-commerce, promoting Jiading's traditional straw-weaving crafts overseas.
The Shanghai Jiading Comprehensive Bonded Zone has introduced reforms like "one-time filing, multiple uses" to increase import-export efficiency. In 2023, the value of the zone's imports and exports exceeded 10 billion yuan, up 18.8 percent, reflecting successful reforms and modernization.
Future plans include deepening the "21 Measures for Comprehensive Bonded Zones", enhancing foreign trade quality, and integrating industries. The new policies will support the expansion of bonded services, such as bonded leasing and maintenance, reducing costs for enterprises.
Johnson China's Shanghai factory, a key player in the zone, reported over 1.4 billion yuan in sales from January to August, a 60-percent year-on-year increase. The new policies will enable the company to expand its bonded services, including repair services previously limited by regulations.
Bonded race car services in Jiading are also thriving, with comprehensive support for over 350 bonded race cars and components. Future initiatives will further reduce costs and enhance services for enterprises in the bonded zone.
Xu Feng, General Manager of Shanghai Jiading Comprehensive Bonded Zone Development Co Ltd, emphasized the zone's contributions to high-quality development and the Belt and Road Initiative, pledging to further drive reform and innovation by leveraging the new policies.