Yangshan zone writes new chapter for high-level opening-up

With the 10-year construction of the China (Shanghai) Pilot Free Trade Zone, Yangshan, which is located at the estuary of the Yangtze River, has grown from a former tidal flat into a leading global shipping hub and incubator for innovative business and trade forms. [Photo/WeChat account: SHFTZ_YS-SERVICES]

With the 10-year construction of the China (Shanghai) Pilot Free Trade Zone, Yangshan, which is located at the estuary of the Yangtze River, has grown from a former tidal flat into a leading global shipping hub and incubator for innovative business and trade forms.

As the country's first bonded port, Yangshan has become part of the China (Shanghai) Pilot Free Trade Zone, the country's first FTZ established in 2013. In 2019, the Lin-gang New Area was established to pioneer a new round of reform and opening up, the Yangshan Port also being part of it. In 2020, the Yangshan Special Comprehensive Bonded Zone, the only special comprehensive bonded area in the country, was established, benchmarking against the most influential and internationally competitive free trade park.

Yangshan Special Comprehensive Bonded Zone witnesses the continuous upgrading of Shanghai's high-level opening-up. [Photo/WeChat account: SHFTZ_YS-SERVICES]

"From a bonded port area to a special comprehensive bonded area, Yangshan has witnessed the continuous upgrading of Shanghai's high-level opening-up." said Ruan Haiyi, assistant general manager of the logistics business of Lin-gang Group, an important development entity of Lin-gang New Area and the Yangshan Special Comprehensive Bonded Zone.

Ruan has been based in the Yangshan Port for 10 years and witnessed the launch of China's first bonded spot price known as "Yangshan Price" in the field of bulk commodities, the launch of Yangshan's bonded ship supply platform, the launch of the Yangshan International Transshipment and Consolidation Public Service Center and the opening of Shanghai Nangang, a series of institutional innovations which have strengthened free trade.

In 2022, the Yangshan Special Comprehensive Bonded Zone achieved 209 billion yuan ($28.56 billion) in cumulative exports and imports, a year-on-year increase of 61.4 percent, while the average annual compound growth rate since 2020 was 51 percent.

According to its development plan, by 2025, the special zone hopes to achieve a total regional operating income of more than 1 trillion yuan and more than 50 billion yuan in offshore trade. The volume of international transit and consolidation containers should the exceed 5.5 million TEUs, and the value of imports and exports of bonded innovative businesses should exceed 10 billion yuan.

In 2020, the Yangshan Special Comprehensive Bonded Zone, the only special comprehensive bonded area in the country, is established. [Photo/WeChat account: SHFTZ_YS-SERVICES]