China to set up Shanghai global business cooperation zone


BEIJING: China has published a master plan for a new business cooperation zone in Shanghai to promote international business exchanges.

According to the General Administration of Customs (GAC), the Shanghai Eastern Hub International Business Cooperation Zone, an 880,000-sq-metre area neighbouring Shanghai Pudong International Airport, allows foreign visitors on invitation who enter from the airport to stay within 30 days upon arrival without the verification of their visa. In addition, their personal belongings will get access to an expedited security check.

The construction of the new zone's pilot area will be completed in 2025, and the entire zone will start operation under closed management in 2028 and be fully established by 2030

The favourable measures providing convenience for business meetings and negotiations aim to better satisfy the needs of short-term international business activities.

The construction of the new zone's pilot area will be completed in 2025, and the entire zone will start operation under closed management in 2028 and be fully established by 2030.

Sun Yuning, deputy head of the GAC, told a press conference Thursday that the new zone will improve the Shanghai pilot free trade zone, help the city better play its pioneering role in reform and opening up, as well as innovation, and promote the country's opening up strategy.

As a major window for foreign exchanges in China, Shanghai is home to more than 75,000 foreign-funded enterprises, with 956 headquarters and 561 research and development centres. - Xinhua

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