October 30, 2017

Ministry of Commerce and Shanghai drafting plans for free trade port construction

The spokesman of Ministry of Commerce Gao Feng said at the regular press conference last Thursday that the ministry is working with Shanghai municipal government to map out construction plans of Shanghai Free Trade Port.

In accordance with President Xi Jinping’s directions issued at the 19th CPC National Congress, free trade zones in the country should be granted more reform autonomy and encouraged to build free trade ports.

Gao said the management of the Free Trade Port must be executed according to the highest international standard under close supervision of state-authorized intensive management system. Also, the port will introduce international management systems of finance, foreign currency and investment.

Zhejiang Free Trade Zone has set an example of free trade port construction and promoted free trade of bulk commodities such as oil products.

Gao said the Ministry of Commerce will implement Xi’s directions about free trade zones and bring Shanghai’s role as a bridgehead in building free trade port into full play.