The Lin-gang Special Area – situated in East China's Shanghai city – held a special conference on Aug 23, to speed up the development of the Yangshan Free Trade Zone, a comprehensive bonded area that is located there.

A platform for bonded shipping is launched in the Yangshan FTZ on Aug 23. [Photo/WeChat ID: shlgguanweihui]

During the conference, a public service platform for bonded shipping supplies was launched. Aiming to build industrial clusters worth 100 billion yuan ($14.59 billion) there by 2025, the platform is projected to attract shipping companies from all over the world and provide one-stop services for them.

Some 17 key enterprises sign contracts at the conference, worth more than 11 billion yuan. [Photo/WeChat ID: shlgguanweihui]

At the event, 17 key enterprises signed contracts for over 11 billion yuan. These were in the areas of bonded ship supplies, bonded maintenance, bonded research and development and cross-border e-commerce, among other things.

What's more, Lin-gang issued an action plan (2022-25) to accelerate the high-quality development of the Yangshan FTZ.

Under the accord, it will move to be the most competitive free trade zone in the world, attaining over 1 trillion yuan of regional business revenue and 10 billion yuan of imports and exports by 2025.

To top it off, the Shanghai Customs office introduced eight measures to support the high-level opening up of the Lin-gang Special Area and promote the innovative development of its key industries.

It's moving to promote trade facilitation and the orderly development of the real economy and characteristic business forms, supporting the establishment of cutting-edge industrial clusters with key core technologies.

The Yangshan FTZ awards licenses for the bonded oil filling of international vessels to qualifying enterprises on Aug 23. [Photo/WeChat ID: shlgguanweihui]

In addition, Yangshan FTZ awarded local licenses for the bonded oil filling of international vessels to qualifying enterprises. This is expected to improve the level of port services there.