A staff member transports cross-border e-commerce goods at the Hongqiao Bonded Logistics Center (Type B) in Shanghai. [Photo by Gao Erqiang/chinadaily.com.cn]
The China (Shanghai) Pilot Free Trade Zone (FTZ) recently unveiled the second batch of FTZ-linked innovation zones to spread the benefits of favorable policies and drive development across the city. The Hongqiao International Central Business District was among the zones.
These zones are tailored to focus on different economic sectors, replicating the FTZ's successes and creating new opportunities. By applying FTZ policies in these areas, Shanghai plans to enhance international trade, improve talent services, encourage industry collaboration, and promote technological innovation.
The Hongqiao International Central Business District will concentrate on developing the cross-border e-commerce industry. It will support pilot projects involving the digital regulation of e-commerce businesses and help establish Shanghai Customs' technical center and comprehensive service locations.
Cross-border e-commerce activities are flourishing in the CBD, and the favorable policies are expected to provide a significant boost.
Last year, the Hongqiao Bonded Logistics Center (Type B), a key hub for cross-border e-commerce retail imports, handled 12.26 million import orders, a 32 percent increase year-on-year. Total transactions exceeded 2.6 billion yuan ($364.85 million), up 49.72 percent year-on-year, with the average daily number of orders rising from 25,000 to 33,000, positioning Hongqiao at the forefront of the city in terms of e-commerce sales.
