Shanghai Customs revealed that China (Shanghai) Pilot Free Trade Zone (SH PFTZ) has further extended its pilot customs clearance mode from six to 47 companies.

Under the scheme, clearance time for the goods into the zone can be reduced two to three days and logistics cost can be cut 10 per cent, according to the trusted companies already in the programme.

The easing of customs supervision in the SH PFTZ scheme involves overseas shipments entering the free trade area only needing customs clearance later in the process.

Shanghai customs has selected six companies with sound reputations to start the pilot run of "inside the territory while outside customs" policy.

The new pilot enterprises mainly are Class AA operating agencies, storage enterprises and part of Class A production enterprises. While their goods mostly include spare and accessory parts supplying for home and abroad markets, refrigerated goods with special storage requirements and staple commodity futures delivery.