Shanghai unveils new free-trade zone

8th October, 2013 by Livia Xin

China has opened a new free trade zone in Shanghai, which has been touted as the country’s boldest financial reform and economic experimentation in decades.

China Free Trade ZoneThe zone is also expected to serve as an international wine hub for wine companies.

There is a wine trade exhibition centre inside the zone where people can visit and buy wine. Although there is a purchase limit of a dozen boxes, the wine will be sold at the equivalent to the wholesale price, making it cheaper than buying at a supermarket.

However, for many wine producers, the current clearance time still takes too long. It can take more than 50 days for domestic customs and commodity inspections to be processed, which puts a huge financial pressure on all wine companies.

“It would be perfect if they could shorten the clearance to 20 days”, said Xiuyu Zhang, director of Italy Wine Trade Centre at Shanghai free trade zone. He believes the free-trade zone is going to be a work in progress, subject to constant refinement.

The new zone has allowed foreign investment, which is aimed at helping to improve China’s global competitiveness. It is hoped the new zone will serve as a platform for China’s cooperation with other countries, signalling the government’s determination to ease restrictions on investment.

Wang Zhile, researcher at China’s Ministry of Commerce said: “This time China has taken the initiative to build a pilot free trade zone. It covers about 30 square kilometres. I think it’s an important strategic measure which China is taking proactively.”

Leave a Reply

Your email address will not be published. Required fields are marked *

Subscribe to our newsletters

Job vacancies

Commercial Director

The Drinks Business Hong Kong
Hong Kong

Key Accounts Manager - Impulse Channel

Australian Vintage Limited
Croydon, Greater London, United Kingdom, GB

Sales Support Assistant

H2Vin Ltd
London, UK

Sales Administrator

Les Caves de Pyrène
Guildford, Surrey

Sales Order Processor

Amathus Drinks
Park Royal, London NW10, UK

Sales Executive (London – Craft Spirits)

Bimber Distillery
London, UK

Events & PR Co-ordinator

Alliance Wine
London, UK

Partner Development Manager - That Boutique-y Gin Company

That Boutique-y Gin Company
Field Based, UK

Head of Merchant Sales

Grapevine the Wineservice Company
Cumbria, UK

Business Development Manager – Central London

Marussia Beverages UK Ltd
Field based – London, UK

Account Manager – Premium Restaurants, London

Kingfisher Beer Europe Ltd
London (Central), UK

Field Sales Representative - Beer Innovation

Elastic
Various locations, UK

Events Executive

The Drinks Business
London, UK

Area Sales Executive

Gordon & Macphail
Southern England (excluding London) and Inner London, UK

Buyer – Wine & Spirits

Sipp
London, UK

The Global Malbec Masters 2017

Deadline : 1st August 2017

The Global Beer Masters 2017

Deadline : 1st August 2017

Global Chardonnay Masters 2017

Deadline : 1st August 2017

The Global Riesling Masters 2017

Deadline : 1st August 2017

Click to view more

The Global Organic Masters 2017

The drinks business is thrilled to announce the launch of The Global Organic Masters

The Drinks Business Awards 2017

Now in its 15th year, the db awards have become the most authoritative, internationally respected badge of achievement in the alcoholic drinks industry.

The Asian Cabernet Sauvignon Masters 2017

the drinks business Hong Kong announces its first year of The Asian Cabernet Sauvignon Masters.

Rioja Masters 2016

Now in its fifth year, the competition will recognise and reward the finest Riojas on the world stage.

Click to view more