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Free Trade Zone

The China pilot free trade zone in Shanghai has just been launched at end of September, and a slew of regulations tailored for the FTZ have also been unveiled. In particular, the much expected “negative list” listing those industries that are restricted or prohibited from foreign investment is also issued. Overall, the experimental FTZ in Shanghai has aroused positive sentiments in China and overseas. To say the very least from a micro-perspective, the policies and rules within the FTZ have improved and facilitated foreign investments substantially.

 

Relaxed Customs Supervision
Once goods arrive in the SFTZ Customs territories, they can be transferred to a bonded
warehouse before completing Customs formalities. Goods can be cleared in batches when
needed rather than the whole shipment having to be cleared at one time. The zone will implement a “one declaration, one inspection and one approval” mode. This means that for the majority of products, Customs and local CIQ inspection (if applicable) will be conducted at one time, and at the same time as approval. Companies can decide when to apply for inspection. This is another way of fast tracking the clearing process. However, it is still not clear exactly what type of products CIQ will require a separate inspection on. This will be clarified by local CIQ soon.