ShippingWatch

Shanghai granted free trade zone status

Shanghai has been granted official approval from Beijing to establish the largest free trade zone on the Chinese mainland. The move brings Shanghai a step closer to becoming a global financial trade and maritime hub.

The approval of Shanghai as a free trade zone is seen as a possible trial run by the central government, and the plans to launch major economic reforms are seen as part of the attempts to boost economic growth and to reduce the country's dependency on the export industry.

A general plan for operating the free trade zone, which covers 28.78 square kilometers in the Waigaogiao, Yangshan, and Pudong districts in Shanghai, has not yet been made public. The plan is still awaiting the approval of changes to a series of laws, to legalize certain aspects, according to a statement from the Chinese Ministry of Trade, writes newspaper South China Morning Post.

Already a subscriber? Log in.

Read the whole article

Get access for 14 days for free.
No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from ShippingWatch

SDK Freja anticipates steep earnings drop following record year

Logistics company SDK Freja, which delivered record financials with great advancement on top and bottom lines, takes a more gloomy view of the current fiscal year due to several ”external factors.” However, the growth target remains the same, CEO tells ShippingWatch.

LNG carriers concerned about increasing ship prices

The price on new LNG vessels has soared vigorously, and for Flex LNG this has meant a withdrawal from the market for new ships. Such was the statement by Flex LNG’s chief exec at Marine Money in New York, where he also announced new long-term charter agreements.

Maersk ships delayed up to three weeks on US east coast

Bottlenecks at major container ports on the US east coast have entailed that Maersk vessels are affected by delays of up to three weeks. It’s a combination of congestion, many ships, and a lack of container space, Maersk says.

Further reading

Related articles

Latest news

See all jobs