GCTL8.com (FocusAsia Media Ltd)

SHANGHAI, Feb 15 (FAM) – Shanghai has moved to deepen reforms by reinventing its pilot Free Trade Zone (FTZ) into a world-class free port, Shanghai Securities News reported on Tuesday.

Such an ambition would be accompanied by plans to further relax import cargo controls and streamline customs clearance in accordance with international practice.

“Free trade port means beyond the current model of bonded areas. It will take three to four years to re-design a comprehensive set of rules and revise related regulations,” Zhu Min, deputy director of Shanghai municipal Development and Reform Commission, told the newspaper.yangshan-deep-water-port