Private enterprises in Pudong drive 127.3% surge in foreign trade exports

The foreign trade exports of private enterprises in Pudong New Area, Shanghai, have surged by 127.3 percent over the past five years, according to statistics released by Shanghai Pudong Customs, a sub-division of Shanghai Customs.

This growth has elevated Pudong's foreign trade exports from 22.6 percent to 36.9 percent of Shanghai's total, reaching 365.5 billion yuan ($50.54 billion) in 2023 compared to 160.82 billion yuan in 2019.

In the first two months of this year, 8,047 private enterprises in Pudong were engaged in import and export activities, marking a 4 percent increase from the previous year. These enterprises accounted for 61.2 percent of Shanghai's foreign trade enterprises, with an import and export volume of 101.68 billion yuan.

Pudong Customs has implemented various innovative measures to support the high-quality development of the area's private economy. These measures include streamlining cross-border trade clearance, establishing dedicated inspection channels, offering customized tax services, promoting intelligent technologies, and addressing technical trade issues.

In January, the inauguration of China's first centralized inspection platform for the integrated circuit industry in Pudong marked a significant achievement. Throughout its construction, Pudong Customs collaborated with local government and industry associations to ensure alignment with product characteristics and stringent Customs supervision requirements.

The Authorized Economic Operator (AEO) qualification, a green pass for foreign trade enterprises, grants certified enterprises access to preferential policies such as expedited clearance and low inspection rates.

Pudong Customs has employed a multi-dimensional credit cultivation approach to assist enterprises in obtaining AEO certification, offering policy interpretation, precise guidance, and on-site support.

Source: chinanews.com