FTZ edges city with higher trade value

Shanghai's pilot free trade zone benefited the most from reforms, with trade expanding at a far quicker pace than the city itself in the zone's first year of operations.

The FTZ was inaugurated in September 2013, and one year later, the trade value had touched 747.5 billion yuan (US$122 billion), accounting for 26.4 percent of the total trade value of Shanghai, data from the Shanghai Customs showed yesterday.

That was a 6.5 percent increase from the combined trade value a year earlier of the four areas — Waigaoqiao Free Trade Zone, Waigaoqiao Free Trade Logistics Park, Yangshan Free Trade Port Area and Pudong Airport Free Trade Zone — that form the FTZ.

Over the same period, Shanghai's total trade grew 4.5 percent after 23 new measures were introduced in the FTZ to cut clearance costs, enhance efficiency of the customs process and diversify customs services in the zone.

Exports in the zone increased 10.3 percent year on year to 196.5 billion yuan during the period, while imports rose 5.2 percent to 551 billion yuan.

Importers of consumer products were the biggest beneficiary of the zone's trade facilitation measures, with inbound shipments of consumer products rising 22.2 year on year, a surge from the 9.1 percent growth before the zone was set up.