China’s southern boomtown Shenzhen will build its port into a free trade port by the end of 2020 by further cutting red tape and streamlining customs clearance procedures, according to a local document.
The Port of Shenzhen is a collective name for a number of ports along the coastline of Shenzhen. It docks the third largest number of containers in the world.
A guideline published by the municipal government last week showed the port plans to cut its customs clearance time of cargo shipment by one-third by 2020 through streamlining the procedures and lift some of the trade restrictions.
The guideline also put forward a goal to jointly develop the Port of Shenzhen and the Port of Hongkong into an international shipping center.
A free trade port features high-level trade and investment liberalization policies. China announced a plan to build the southern island province of Hainan into a free trade port in April.