Shanghai FTZ to get multipurpose free port

China plans to introduce high-standard trade, financial, foreign currency and investment supervision systems as part of a free port within the Shanghai Pilot Free Trade Zone to further compete with other major shipping hubs such as Singapore and Hong Kong, the Ministry of Commerce said on Thursday.

Commerce Ministry Spokesman Gao Feng said the ministry is coordinating with the Shanghai municipal government and related administrations to plan the establishment of the free port based on successful experiences gained from the development of the Shanghai FTZ.

"It will not be a unique case, with the China (Zhejiang) Pilot FTZ also developing a plan for another free port within the Zhejiang FTZ to further liberalize trade in bulk commodities, in particular in crude and refined oil," Gao said.