China plans to turn its bonded zones into free trade areas

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Last updated at: (Beijing Time) Saturday, February 21, 2004

China plans to turn its bonded zones into free trade areas

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China plans to turn its 15 bonded zones into free trade areas, and the Waigaoqiao bonded zone in Shanghai will be the pilot, Cheng Siwei, an economist and vice-chairman of the National People's Congress Standing Committee, China's top legislature, said Friday.

The bonded zones, set up in the 1990s and mainly located in eastern China's coastal cities such as Shenzhen and Qingdao, have a nearly similar function to free ports or free trade areas. Foreign goods can be stocked in the region without import duty if not sold to the domestic market.

The zones will be adjusted to the demands of China's accession to the World Trade Organization, Cheng said.

The Shanghai Waigaoqiao bonded zone should be transformed as a pilot to integrate logistics, trade and intermediary services, Cheng said when meeting with Brad Anderson, vice-chairman and CEO of the US-based Best Buy Co., Inc.

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