Shanghai FTZ foreign trade volume up 6.5%

SHANGHAI - Foreign trade volume in the Shanghai Pilot Free Trade Zone grew 6.5 percent in the first eight months from the previous year, local customs said.

The import and export volume in the zone reached 754.6 billion yuan ($113 billion) in the first eight months, accounting for 42 percent of the city's total foreign trade volume, according to the Shanghai Customs on Thursday.

With the introduction of more convenient procedures, customs clearance time has been reduced by 3.68 and 2.17 hours respectively for imports and exports, compared to the previous year, it said.

Since the launch of the Shanghai FTZ in 2013, 14,000 enterprises have been registered in the zone, 130 of which are regional headquarters of trans-national corporations.