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Processing Trade Plays Major Role in Shanghai's Foreign Trade
The latest statistics from Shanghai Customs show that processing trade has become the major means of the city's foreign trade, which indicates Shanghai's economy has further integrated with the world economy.
Last year, Shanghai reported US$16.2 billion worth of exports and US$10.6 billions worth of imports done by means of processing trade, which as a whole accounted for 55 percent of the city's overall foreign trade for the year.
The further opening up and fast economic growth in Shanghai, especially the development of the Pudong area, have given rise to the booming of a large number of export-oriented enterprises based on advanced technologies and foreign investment, said Chen Guopei, deputy director of Shanghai Customs.
The growth of processing trade in computer, automotive and other high-tech sectors has greatly optimized Shanghai's export mix, said Chen.
Chen added that tougher measures will be taken to crack down on any form of illegal conduct, especially smuggling, so as to ensure processing trade develops in a fast and healthy way.
It is predicted that Shanghai will see a great leap forward in processing trade when China enters the World Trade Organization.
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