The Yangshan Free Trade Zone was officially unveiled on May 16, 50 days after the State Council allowed Yangshan to be upgraded into a special comprehensive bonded area on Jan 17.

An online upgrade of the integrated information management service platform developed by the Lin-gang Special Area Administration will be carried out for the area.

Unnecessary processes related to trade supervision, permits, and more will be eliminated, and safety and efficiency will be made the top priority.

"Records will not need to be kept of entries and exits. Quarantines will not be carried out at the port, but at nearby areas. Imports and export will not need to go through the customs declaration system, and unilateral declarations will be implemented. There will be no accounting books in the area, and special statistical methods will be implemented. Circulation will be free in the area, and interval circulation will only need to be declared on one side," an official of the Yangshan Free Trade Zone of the Lin-gang Special Area explained.

In addition, intelligent supervision techniques will be employed in the Yangshan Free Trade Zone. The data collected by each camera, sensor and WMS system terminal will be summarized into the integrated information management service platform, achieving real-time tracking and automatic control of the flow of goods and people in the area.

An enclosure in the Yangshan Free Trade Zone [Photo/WeChat account: shlgguanweihui]

The Yangshan Free Trade Zone is also building a multi-dimensional "electronic enclosure" to replace its previous enclosure, making it possible for strategic emerging enterprises and enterprise clusters outside the Yangshan Free Trade Zone to take advantage of the area's tax policies and institutional arrangements.

Goods traded by enterprises in the area have also always been exempt from added-value tax and consumption tax.

Other innovations, solutions and institutional policies will soon follow, according to an official of the special bonded area.