The China (Shanghai) Pilot Free Trade Zone has largely completed the trial implementation of 80 measures aimed at aligning with high-standard international economic and trade rules, the Ministry of Commerce announced on June 19.
The ministry’s statement added that the experience gained from the FTZ would now serve as a reference for broader national reforms.
Over the past year, the Shanghai FTZ has implemented the pilot measures, resulting in several leading institutional innovations and best practices, minister spokesperson He Yadong, told a news conference.
The progress offered an "FTZ solution" for steadily expanding institutional opening-up.
During the news conference, He highlighted specific achievements. These included the implementation of a streamlined customs clearance model, which led to the establishment of an international transshipment and consolidation center by Danish global container shipping and logistics giant Maersk.
It's estimated that the initiative has reduced transshipment times by 50 percent.
