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Songjiang Export Processing Zone Going to Open
As one of the 15 state-level export and processing zones approved by the State Council, Songjiang Export Processing Zone will start formal operation in two months, presently its infrastructure such as office buildings, roads, power supply system are under intense construction.
The economic zone takes electric information, biological medicine, new building materials, refined chemistry, light industry machinery as key industries for development.
When completed, Songjiang Export Processing Zone will be equipped with a full set of commercial institutions such as customs, commodity inspection and banking system. Companies set up in the zone will be able to conduct all import/export business without stepping out of the zone. Preferential policies as exemption from value-added tax and consumption tax will be provided.
Shanghai Municipality will define the competence of the administration committee, which will reportedly enjoy the rights of examining and approving foreign-invested projects, contract terms, and imports and exports, as well as management of processing business.
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