Offshore trade pilot area coming soon to Hainan

China's national offshore trade pilot area will be established at the Yangpu economic development zone in South China's Hainan province.

The Hainan Yangpu economic development zone will establish a national offshore trade pilot area and improve entry and exit management systems, according to the zone's management committee.

The area will promote pilot trade liberalization and investment facilitation policies in areas such as trade, finance and local currency settlement.

A public service platform for offshore trade will also be built to gradually improve the regulatory system for trade, logistics, capital and information to build a domestic and international supply center and cross-border logistics channel.

To further facilitate international trade, a "single-window" service will be implemented in Yangpu bonded port area as a trial to promote data collaboration, simplify and standardize processes and collect logistical and monitoring information for inter-recognition. The port clearance time will be reduced substantially to meet international standards.

In terms of international shipping, the application scope of coastal piggyback and on-board transportation of domestic and foreign trade products will be expanded to reduce logistics costs. Qualified oil companies will be supported in supplying bonded oil for international shipping.

In terms of international energy trading, refined oil export quotas will be relaxed for energy exchange dealers, who are encouraged to apply for non-state-owned crude oil import qualifications.

Yangpu will promote the construction of a new shipping hub for international land and sea trade this year, adding more than one foreign trade route from Yangpu to Southeast Asia. This will attract Southeast Asian goods to transit via the Yangpu port.