On April 20^th, 2017, the Administrative Office of the Bonded Area under the Administrative Committee of the China (Shanghai) Pilot Free Trade Zone (hereinafter the “Administrative Committee”) successfully convened the 2017 China (Shanghai) Pilot Free Trade Zone Bonded Area Enterprises Meeting (hereinafter, the “Meeting”), where W&B was honored as a Partner in Excellence. W&B Partner Ms. Yueqin Wu and Associate Mr. Yiwen Jin were present at the meeting and received the award on behalf of the firm.

The Meeting, entitled “Moving on Together After Achieving the Original Goals in Only Three Years”, summarized the reform achievements of the Bonded Area from its establishment to its construction, and cast its gaze into the future as well. It was pointed out at the Meeting that with joint effort from all related authorities and entities, the effects of reform were prominent and the regional economy was developing at a healthy pace. During the process a great many outstanding enterprises, entrepreneurs and partners emerged who were honored and encouraged at the Meeting.

Since 2014, W&B has been working with the Administrative Committee to provide services for the construction of the legal system for the Shanghai Free Trade Zone commodity markets. Our primary services include: (i) assisting the Administrative Committee, the Shanghai Municipal Commission of Commerce and the Shanghai Municipal Financial Services Office in formulating the (Trial) Administrative Rules for the Commodity Spot Markets of the China (Shanghai) Pilot Free Trade Zone, which serve as detailed implementing rules for the Pilot Free Trade Zone. These rules introduced transaction platforms for the commodity spot markets by requiring markets to separate “transactions, trusteeship, liquidation and warehousing” by implementing third-party funding trusteeship, liquidation and warehousing and by having warehouse warrants registered and published through an independent third-party warehouse warrant publication system, so as to ensure the authenticity of the warehouse warrants and the security of settlements; (ii) conducting legal evaluations of the construction plan and system structure of the commodity market platform contemplated to be introduced into the Free Trade Zone; and (iii) assisting the Review Board in formulating labor systems, standards, procedures and documents concerning market construction preparation and acceptance. Presently, the Free Trade Zone has already established transaction platforms for the following commodity spot markets: the Shanghai Nonferrous Metals Trading Center, the Shanghai Free Trade Zone Iron Ore Spot Electronics Trading Center, the Shanghai Free Trade Zone International Cotton Trading Center, the Shanghai Free Trade Zone International Liquid Product Trading Center, and the Shanghai Mysteel International Commodity Trading Center, among others.

W&B gained the confidence and trust of the Administrative Committee with its superior service capabilities, excellent professional prowess, outstanding research skills and strong team spirit. W&B always completes its assignments in a flawless manner, for which it received the “Partner in Excellence” award on this occasion. In the future, W&B teams will continue their efforts to provide legal services with an even higher degree of quality.