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Free Trade Trial Zone will ‘transform’ Shanghai port

16 October 2013
The State Council’s decision to ring fence an area of nearly 29 sq km including Waigaoqiao and Yangshan as the first ever Shanghai Free Trade Trial Zone will help transform the city’s port from a simple cargo-handling service provider to a diversified industry chain, according to Chen Xuyuan, chairman of Shanghai International Port Group.

The trial zone, officially launched on 29 September, will not only attract more users of the terminals, and therefore increase container volumes, but also facilitate the process of Shanghai developing a diversified port industry. Mr Chen said that SIPG, the port operator that is majority owned by the state, is focusing its efforts on developing shipping finance and diversified logistics. In line with its goal of making trading easier and more convenient, the group also plans to set up a network of consolidating centres for LCLs.

     
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