A batch of artworks including paintings and cultural relics have been checked and verified at the Shanghai International Bonded Artwork Service Center on Friday, ahead of being showcased at the upcoming 4th China International Import Expo (CIIE), a move indicating the country's efforts to encourage an exchange of overseas cultural relics.

The bonded art warehouse in Shanghai's Free Trade Zone (FTZ) has provided convenience in processing overseas artworks for the upcoming expo. 

A group of staff at the center opened and verified the artworks introduced by Sotheby's on Friday. The works were created by late Chinese artist Zhang Daqian, French impressionist painter Claude Monet and Swiss artist Alberto Giacometti. 

A total of 178 pieces of works will be featured during the expo, with an entire value of 2.35 billion yuan ($367.66 million), according to the Shanghai authorities. Among the 178, there are 39 culture relics, valued at up to 1.1 billion yuan.

In order to optimize the exchanges of overseas cultural heritages and artworks, a policy has been introduced for the expo. Each arts institution participating in the CIIE is eligible to trade five cultural relic pieces and other collectible objects and benefit from zero tariffs during the expo period. 

The policy, and the huge Chinese market, has encouraged around 20 arts institutions from 11 countries and regions such as famous auction houses like Christie's and Sotheby's to introduce their artworks at the expo.

"The policy encouraged companies like us to enter the Chinese market in this way," Yang Jun, deputy director at Sotheby's, told the Global Times on Friday. 

The cultural relic piece by Zhang was created in 1948 and was collected overseas, and Zhang's works are welcomed in the Chinese market, according to Yang.

"Due to the COVID-19 pandemic, many potential buyers may have concerns about going overseas to purchase," Yang said, noting that the CIIE platform will provide an opportunity for both sellers and purchasers.

Yang noted that the Chinese mainland market has always been active, with some young collectors showing their potential purchasing power. 

The CIIE might be the only channel allowing culture relic pieces to enjoy exemption from tariffs, Li Jing, deputy director of the culture relics department at Shanghai Municipal Administration of Cultural Heritage, told the Global Times on Friday, noting that the policy is supportive to attract overseas exhibitors. 

There is also huge market potential in China for Western art created before 1949, Li said, noting that the CIIE could be a platform to enhance cultural exchanges between the East and the West.

Shanghai's FTZ has played an important role in accelerating the trade in artworks. In the first three quarters, the import and export value of cultural works handled in the FTZ reached 7.8 billion yuan, up about 250 percent year-on-year and 1,486 cultural relics have been handled, according to the Artwork Service Center.