Covering Waigaoqiao, Yangshan port and the Pudong International Airport, the demonstration area is a first in China after authorities approved 12 cities in January 2016 to set up cross-border ecommerce pilot zones, shanghaidaily.com reports.
Wang Xinling, deputy director of China (Shanghai) Pilot Free Trade Zone Administration, said they will join hands up with inspection and quarantine, foreign exchange and taxation departments to boost efficiency and lower the costs of clearance for customers.
The regulators will also promote the development of finance, logistics and business consulting services in the area to cultivate an ecosystem of cross-border e-commerce, Wang said, the source cites. Six trading and logistics companies, including Shanghai Waigaoqiao International Trading Operation Center Co, Shanghai Waigaoqiao Logistics Center Co, Shanghai FTZ United Development Co, will undertake the construction and operation of the demonstration area.
Companies like JD.com and Suning Commerce Group Co yesterday signed agreements to set up businesses in the area. Chinese demand for foreign goods has fueled a boom in cross-border ecommerce. Kuajingtong, the first platform for online purchasing of imported goods in the FTZ, has attracted more than 400 vendors, with the number of orders reaching 10,000 daily.
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