China Securities Daily, Oct. 14, reported that the General Administration of Customs will vigorously promote the innovative development of new business in the Shanghai Free Trade Experimental Zone, such as promoting the development of futures bonded delivery business, in its "Measures to Support and Promote the Construction of China (Shanghai) Free Trade Experimental Zone". Reporters recently learned that the Shanghai Free Trade Pilot Zone may launch a pilot delivery warehouse for overseas futures exchanges, while Shanghai Port is expected to replace Busan as the largest delivery port for copper futures in East Asia.
Open information shows that China is the main importer and user of international commodities and raw materials, but its pricing power is seriously inadequate. To this end, the Customs and the relevant departments jointly study the use of special customs regulatory areas to carry out bonded futures delivery business.
The responsible person of the General Administration of Customs said that at present, the Yangshan Bonded Port Area in the "pilot area" has pilot developed bonded futures delivery business in line with international standards, and explored the appropriate customs management mode, and is cultivating and establishing a reasonable commodity pricing mechanism. Next, Yangshan Port Area in the pilot area is expected to expand the types of futures bonded delivery and pilot scope.
Authoritative sources revealed that Shanghai Free Trade Pilot Zone is expected to carry out the trial of delivery warehouses on overseas futures exchanges. Maike Metal International Group, the largest domestic non-ferrous metal trader, said it looked forward to building the first LME delivery warehouse in Yangshan Bonded Port Area.
LME with international market pricing power is a futures trading center for a variety of industrial metals, and its copper and other industrial metals are expected to take the lead in the pilot. Industry insiders pointed out that at present, Asia-Pacific futures delivery centers are located in Busan, Yushan, South Korea, etc. If LME commodity delivery depot is located in the pilot area, Shanghai Port will hopefully replace Busan as the largest delivery port of copper futures in East Asia.
Shi Liang, head of Shanghai Continental Futures Business Department, believes that only one copper product in the innovation of bonded delivery and cross-border delivery can save huge inventory and repeated customs clearance costs for domestic industrial enterprises.
Bian Jie, general manager of Oriental International Logistics Group, revealed at the autumn forum of China Finance Voice of Fudan University Chinese Financists Club that the group has focused on the construction of a bonded platform for futures delivery. "How to combine logistics and finance to produce greater benefits in the FTA pilot area?" It's our first concern.
Rao Chengfang, an analyst of UBS Securities Transportation Industry, believes that Shanghai Port is a very important container port in the world. With the improvement and perfection of financial, investment and legal systems, Chinese shipping companies will have more and more voice in the world shipping market and financial market. This will greatly promote the construction of Shanghai's international shipping center.