Shanghai's free port to focus on offshore trade

The new free port within the China (Shanghai) Pilot Free Trade Zone in Shanghai will focus on the development of offshore trade and finance, industry insiders said, adding that the plans are now gathering speed.

China Securities Journal, the official newspaper of Xinhua News Agency, said on Monday that the free port in Shanghai will carry out supervision "within the borders but outside the Customs", which is in essence the same principle adopted by other free ports around the world. It would also take steps to develop offshore trade and finance and to facilitate the free flow of commodities, capital and talent.

A free port, which is a form of free trade zone, is set up within a country or a region's borders but outside the customs department. It is open to all commercial vessels on equal terms. Goods may be unloaded, stored and shipped without payment of customs duties here.