Shanghai is one of the main industrial centers of China, playing a key role in China’s heavy industries. A large number of industrial zones, including Shanghai Hongqiao Economic and Technological
Development Zone, Jinqiao Export Economic Processing Zone, Minhang Economic and Technological Development Zone, and Shanghai Caohejing High-Tech Development Zone, are backbones of Shanghai’s secondary industry.
Largest FTA. As of September 2013, Shanghai is also home to the largest free-trade zone in mainland China. The zone covers an area of 29 km2 and integrates four existing bonded zones– Waigaoqiao Free Trade Zone, Waigaoqiao Free Trade Logistics Park, Yangshan Free Trade Port Area and Pudong Airport Comprehensive Free Trade Zone. Several preferential policies have been implemented to attract foreign investment in various industries to the FTZ. Because the Zone is not technically considered PRC territory for tax purposes, commodities entering the zone are not subject to duty and customs clearance as would otherwise be the case.