Hot word: National offshore trade pilot zone
国家离岸贸易试验区(guójiā lí’àn màoyì shìyànqū)
China will establish a national offshore trade pilot zone in the Yangpu Economic Development Zone in Hainan province.
According to the administrative committee of Yangpu Economic Development Zone, the new national offshore trade pilot zone will promote pilot trade liberalization and investment facilitation policies in areas such as trade, finance and local currency settlement. The pilot zone will build an offshore trade public service platform, further improve trade, logistics, capital and information supervision
systems, establish domestic and overseas commodity supply centers and build a cross-border logistics channel.
The Yangpu Economic Development Zone boasts the shortest distance to international main sea routes among all of China’s petrochemical bases. It is the nearest development zone to the South China Sea, and is the bridgehead for the construction of China-ASEAN Free Trade Area and regional economic
cooperation in the Beibu Gulf area.
According to the administrative committee, Yangpu will aim to become the bench mark for an International Trade Single Window, which means that the customs clearance time will be greatly reduced to reach the national advanced level.
As China’s first national offshore trade pilot zone, it represents another milestone for the construction of China (Hainan) Pilot Free Trade Zone.