Shanghai has surpassed Hong Kong and Singapore to be the world’s largest international trading city.
Official figures are suggesting Shanghai is now the world’s largest international trading city due to the government’s measures to encourage and upgrade trade.
Imports and exports through the city’s ports were nearly 6.9 trillion yuan last year, accounting for 28.3 percent of national value and 3 percent of global trade.
Shanghai overtook Hong Kong and Singapore to be the largest international trading city.
An official says this is a result of the government’s efforts to cut red tape, encourage cross-border e-commerce platforms and support development of local brands.
He said Shanghai’s foreign trade is set to grow 20 percent in the first quarter of this year toaround 750 billion yuan.
The Shanghai free trade zone has also helped trade become more efficient and cut coststhrough faster customs clearance and foreign exchange payments.
Official data shows trade conducted in the pilot program rose six times from a year ago to nearly 2.5 billion yuan last year.