Shanghai will open a new international business zone near Pudong airport with visa-free access by the end of this year to boost global connectivity and economic openness.
The Shanghai Eastern Hub International Business Cooperation Zone, approved by China's State Council, or the nation's Cabinet, in February 2024, is set to streamline cross-border commerce through relaxed visa rules, integrated transit links, and pro-business policies.
Shanghai is currently home to 75,000 foreign-invested companies, 1,027 regional headquarters of multinational firms, and 597 foreign R&D centers. Its ports manage over 3 percent of global trade, and the city ranks first in China for international traveler volume.
The Yangtze River Delta, which produces about 24 percent of China's GDP, adds further demand for cross-border services.
All buildings in the zone will meet ultra-low energy standards. A digital system will manage energy, traffic, and security. Most parts of the area will be covered by pedestrian paths and green spaces. Passenger and freight traffic will be separated to reduce congestion.
It will be the first of its kind in China to integrate free trade of goods and services, cross-border mobility of individuals, and professional business services under a unified system.
"This project continues Shanghai's legacy as a reform pioneer," an official from the zone's administration said.
"It meets global business demand for efficient logistics, talent flow, and transparent rules."
Construction of the zone's first phase is set to finish by late 2025, aligning with the 35th anniversary of Pudong's development, and it is expected to become fully operational by 2030.
(Sources: Shanghai Eastern Hub International Business Cooperation Zone, VCG)
Source: Intl Services Shanghai