CIIE shows more overseas art thanks to new tax-free policies

More and more artworks and relics from overseas countries caught the keen interest of visitors and inspired buyers at the 4th China International Import Expo, or CIIE – held in East China's Shanghai city on Nov 5-10, in the wake of a boost provided by new tax exemption policies.

Art from overseas proves an irresistible draw for many visitors in Shanghai, who check out the latest in international trends. [Photo/WeChat account: waigaoqiaowindows] 

Some 20 art institutions from 11 countries and regions participated in the expo – bringing in 178 artworks via the Waigaoqiao Bonded Area of the China (Shanghai) Pilot Free Trade Zone. 

The combined value of the pieces hit a record 2.35 billion yuan ($366.8 million) and they headed for the CIIE without paying customs duties, to be freely traded at the fair. 

Because of a special policy introduced last October, each CIIE exhibitor could enjoy tax-free trading of five antiques, artworks or other collectible objects and the Shanghai Customs modified its inspection services accordingly. 

Since 2013, the import and export value of artworks making their way through the Shanghai FTZ has totaled nearly 60 billion yuan. 

In the first three quarters of the current year, the value of artworks handled in the cultural sector of the zone reached 7.8 billion yuan, up about 250 percent year-on-year, much more than the whole of last year.

A total of 1,486 cultural relics were imported and exported through the FTZ during the period, accounting for 77 percent of the total for all of last year.