China to Cut Duties, Ease Customs Procedures in Shanghai Free Trade Zone, Report Says
China will eliminate all duties and ease customs procedures at its Shanghai Free Trade Zone as part of an upcoming pilot program, Reuters reported Aug. 5. Chinese leaders are planning to discuss the plan this month and could announce the program this year, the report said. Among the topics of discussion, Reuters said, is whether U.S. goods and companies would be included in the program.
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The program would exempt foreign companies from customs duties if their goods are moving through or stored in the zone, the report said. Companies would also be able to temporarily store goods in the zone without customs clearance and “benefit from simplified customs procedures.” If the plan is successful, it could be applied to China’s other Free Trade Zones, Reuters said.
China recently announced it plans to reduce restrictions on some of its pilot Free Trade Zones (see 1907190016) but did not release specific details. The country also said it is adding more cities to the 35 already participating in its cross-border e-commerce Comprehensive Pilot Zone Program (see 1907160029).