In the latest ranking released by the General Administration of Customs of China on the performance of the country's national comprehensive bonded zones in 2023, the Yangshan Free Trade Zone in Shanghai surged to the fourth place.

The entrance to the Yangshan Free Trade Zone. [Photo/IC]

It is the largest comprehensive bonded zone and only "special" comprehensive bonded zone in China and covers an area of 28.83 square kilometers. Yangshan Port, located within its borders, boasts the highest global container throughput at 26 million TEUs (twenty-foot equivalent units).

Noteworthy progress has been made by the Yangshan Free Trade Zone in recent years. In 2019, it ranked 24th among 160 comprehensive bonded zones nationwide, climbing to fourth place in 2023.

In recent years, the Yangshan Free Trade Zone has been working to strengthen its short links with the introduction of new bonded business sectors, such as aviation engine maintenance, bonded repair services for used cars and computers, and more. In 2024, it achieved a total value of 35 billion yuan ($4.8 billion) in bonded repair for imported and exported goods, a remarkable 143-percent year-on-year increase.

Over the past five years, the zone has witnessed the introduction of 36 groundbreaking institutional innovations, injecting new momentum into the development of an open economy. Its total imports and exports have seen an average compound annual growth rate of nearly 40 percent, soaring to over 200 billion yuan.