Shanghai Automotive Industry Corporation (SAIC) establishes sourcing subsidiary in Shanghai free trade zone
Will allow the automaker to enjoy preferential duties and taxes.
China's Shanghai Automotive Industry Corporation (SAIC) has established a new subsidiary in the country to source and export automotive components to its overseas subsidiaries, reports Automotive News China. The subsidiary, based in the newly opened Shanghai free trade zone, will be eligible for preferential trade policies including lower customs duties and faster customs clearance. SAIC's 100,000-square-metre warehouse in the trade zone will be capable of storing auto parts worth a total of CNY20 billion (USD3.2 billion) within five years.
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