Comprehensive Free Trade Zone becomes a New Highland of Open economy in Shanghai

| gov.cn

Xinhua News Agency, Shanghai, 15 Nov (Reporter Wu Yu)-the 1.52 square kilometer Jinqiao Comprehensive Free Trade Zone passed joint acceptance by nine government departments, including the Customs, on the 15th. So far, all the five comprehensive bonded zones approved by the state have completed acceptance and become a new high ground for Shanghai's open economy.

According to Shanghai Customs statistics, from January to September this year, against the background of a slight decline in Shanghai's overall foreign trade, the Shanghai Comprehensive Free Trade Zone realized import and export of 213.65 billion yuan, an increase of 1.5 percent over the same period last year, and 27 new registered enterprises were added. The new registered capital of 735 million yuan shows the unique development vitality of the new highland of open economy.

According to reports, in the past year, Shanghai has successively passed the acceptance switch of Caohejing, Fengxian, Songjiang, Qingpu and Jinqiao five comprehensive bonded zones, all of which have been transformed and upgraded from export processing zones. At the beginning of this year, the State Council issued 21 supporting policies in "some opinions on promoting High-level opening up and High-quality Development of Comprehensive bonded areas", which have basically been implemented in Shanghai.

In the past, enterprises in export processing zones were not regarded as general taxpayers and the VAT input tax could not be deducted from the deduction tax. After the transformation and upgrading to a comprehensive bonded area, the relevant enterprises have been given the right to issue special VAT invoices, which will help to open up two foreign and domestic markets and enhance their competitiveness. From January to September this year, the Shanghai Comprehensive bonded Zone issued a total of 5149 value-added tax invoices for general taxpayers, saving about 30 million yuan in tax costs for related enterprises, and the policy dividend was obvious.

A series of institutional innovations in the comprehensive bonded area are becoming a new leader in Shanghai's opening to the outside world. For example, for the first time in China, the financial leasing entrustment supervision model has been applied to aircraft leasing and return, and the cost of a single aircraft can be saved by nearly 700000 yuan. Pudong Airport Comprehensive Free Trade Zone relies on this system innovation. From January to September, 24 leased aircraft were attracted into the region, with a cargo value of US $2.161 billion, an increase of 70 percent and nearly 1.2 times respectively over the same period last year, and the number of leasing enterprises increased to more than 450. In Caohejing Comprehensive Free Trade Zone, the Customs successfully handled the domestic sales of the first bonded storage vehicle in the national comprehensive insurance area, which opened up a new channel for the entry and storage, certification and inspection of special vehicles and domestic sales of special vehicles.

The comprehensive bonded zone guides the transformation and upgrading of industries, adding new impetus to the high-quality development of Shanghai's economy. For example, through undertaking international business, an enterprise introduced into Qingpu Comprehensive Free Trade Zone completed chip processing of more than 300,000 chips from January to September this year, enriching the Shanghai integrated circuit industry cluster. A new energy vehicle company introduced into the Songjiang Comprehensive Free Trade Zone is expected to produce 100000 vehicles a year and create more than 2000 new jobs after the first phase of the project is put into operation.

At present, the comprehensive bonded area is a special open area with the highest open level, the most preferential policies, the most complete functions and the simplest formalities except the free trade experimental area in our country.

Comprehensive Free Trade Zone becomes a New Highland of Open economy in Shanghai

| gov.cn

Xinhua News Agency, Shanghai, 15 Nov (Reporter Wu Yu)-the 1.52 square kilometer Jinqiao Comprehensive Free Trade Zone passed joint acceptance by nine government departments, including the Customs, on the 15th. So far, all the five comprehensive bonded zones approved by the state have completed acceptance and become a new high ground for Shanghai's open economy.

According to Shanghai Customs statistics, from January to September this year, against the background of a slight decline in Shanghai's overall foreign trade, the Shanghai Comprehensive Free Trade Zone realized import and export of 213.65 billion yuan, an increase of 1.5 percent over the same period last year, and 27 new registered enterprises were added. The new registered capital of 735 million yuan shows the unique development vitality of the new highland of open economy.

According to reports, in the past year, Shanghai has successively passed the acceptance switch of Caohejing, Fengxian, Songjiang, Qingpu and Jinqiao five comprehensive bonded zones, all of which have been transformed and upgraded from export processing zones. At the beginning of this year, the State Council issued 21 supporting policies in "some opinions on promoting High-level opening up and High-quality Development of Comprehensive bonded areas", which have basically been implemented in Shanghai.

In the past, enterprises in export processing zones were not regarded as general taxpayers and the VAT input tax could not be deducted from the deduction tax. After the transformation and upgrading to a comprehensive bonded area, the relevant enterprises have been given the right to issue special VAT invoices, which will help to open up two foreign and domestic markets and enhance their competitiveness. From January to September this year, the Shanghai Comprehensive bonded Zone issued a total of 5149 value-added tax invoices for general taxpayers, saving about 30 million yuan in tax costs for related enterprises, and the policy dividend was obvious.

A series of institutional innovations in the comprehensive bonded area are becoming a new leader in Shanghai's opening to the outside world. For example, for the first time in China, the financial leasing entrustment supervision model has been applied to aircraft leasing and return, and the cost of a single aircraft can be saved by nearly 700000 yuan. Pudong Airport Comprehensive Free Trade Zone relies on this system innovation. From January to September, 24 leased aircraft were attracted into the region, with a cargo value of US $2.161 billion, an increase of 70 percent and nearly 1.2 times respectively over the same period last year, and the number of leasing enterprises increased to more than 450. In Caohejing Comprehensive Free Trade Zone, the Customs successfully handled the domestic sales of the first bonded storage vehicle in the national comprehensive insurance area, which opened up a new channel for the entry and storage, certification and inspection of special vehicles and domestic sales of special vehicles.

The comprehensive bonded zone guides the transformation and upgrading of industries, adding new impetus to the high-quality development of Shanghai's economy. For example, through undertaking international business, an enterprise introduced into Qingpu Comprehensive Free Trade Zone completed chip processing of more than 300,000 chips from January to September this year, enriching the Shanghai integrated circuit industry cluster. A new energy vehicle company introduced into the Songjiang Comprehensive Free Trade Zone is expected to produce 100000 vehicles a year and create more than 2000 new jobs after the first phase of the project is put into operation.

At present, the comprehensive bonded area is a special open area with the highest open level, the most preferential policies, the most complete functions and the simplest formalities except the free trade experimental area in our country.















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