Chen Xuyuan, president of state run port operator Shanghai International Port Group (SIPG), has proposed to the National People’s Congress, the annual meeting of China’s legislature, to develop Shanghai’s Yangshan Port into a free trade port.
According to Chen, the establishment of a free trade port in Shanghai will significantly improve trade volumes and strengthen Shanghai Port’s status as a hub port in the region. It is also in line with central government’s maritime silk road initiative.
Chen said the setup of the free trade port will require a number of legislative adjustments, and the port authority in Shanghai has already started working on the feasibility plans.
Shanghai Port completed annual container throughput of 37.13m teu in the year of 2016, once again making it the busiest container port in the world.