The China (Shanghai) Pilot Free Trade Zone Lin-gang Special Area Administration announced the 14th Five-Year Plan (2021-25) for the Yangshan Free Trade Zone on June 24 at a news and signing conference held in the Lin-gang Special Area, Shanghai.

Under the plan, by 2025 the main economic development indicators of the Yangshan Special Free Trade Zone or Yangshan FTZ will be double that in 2020, while its economic quality and efficiency is also expected to improve significantly.

The Lin-gang administration signed a strategic cooperation agreement at the conference, to promote the healthy development of the bonded bulk commodity spot market in the Yangshan FTZ.

The administration signed it together with the Shanghai Municipal Commission of Commerce, Shanghai Municipal Financial Regulatory Bureau, Shanghai Clearing House and the Shanghai Banking Association.

A signing ceremony is signed for the bonded bulk commodity spot market in the Yangshan FTZ. [Photo/WeChat account: shlgguanweihui]

The Lin-gang Special Area Administration, Shanghai Material Trading Co Ltd and the Shanghai Metals Market operated by SMM Information & Technology Co Ltd came to an agreement on developing the Yangshan FTZ nonferrous metals spot market.

Moving forwards, with the market, it is expected that Lin-gang will achieve an annual increase of 300 billion ($46.41 billion) to 600 billion yuan in total merchandise sales in the future.

Elsewhere, an agreement to build a civil aviation bonded research and development and a manufacturing center for the Yangshan FTZ was also inked by the Lin-gang Special Area Administration and COMAC Shanghai Aircraft Manufacturing Co Ltd.

A signing ceremony takes place for an agreement to build a civil aviation bonded R&D and manufacturing center for the Yangshan FTZ. [Photo/WeChat account: shlgguanweihui]

In addition, the Yangshan International Transit and Consolidated Service Center started operations in the FTZ on the same day.

The center will reportedly provide a supervision and operations system for import distributions, as well as international transits and exports of goods in the Yangshan Port Area. Through the center, the goods of both near-sea and ocean routes will be distributed directly at the port, which is expected to reduce the time and costs of international transit cargo logistics operations.

The Yangshan International Transit and Consolidated Service Center is established on June 24. [Photo/WeChat account: shlgguanweihui]