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China builds free trade pilot experimental areas
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15:41, September 22, 2009

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The first phase of the Qingdao Qianwan bonded port area project successfully passed the joint inspection of 11 national ministries and commissions recently to become China's seventh bonded port area with closed operation. Since December 2005, China has successively approved and established 12 bonded port areas - Shanghai Yangshan, Tianjin Dongjiang, Dalian Dayaowan, Hainan Yangpu, Ningbo Meishan, Guangxi Qinzhou, Xiamen Haicang, Qingdao Qianwan, Shenzhen Qianhaiwan, Guanzhou Nansha, Chongqing Jiangbei Cuntan and Jiangsu Zhangjiagang.

An official from the General Administration of Customs (GAC) said that at present, bonded port areas are specially supervised by the GAC, are of the highest standard, and enjoy the most preferential policies and simplest procedures. Bonded port areas are dynamic and fully functional, and therefore form a bridge connecting China's free trade pilot experimental areas with import and export trade.

"Bonded port areas have more functions, richer content, and enjoy more preferential policies than bonded areas. Bonded port areas are a special manifestation of global free ports in China; they are free trade ports with Chinese characteristics," said Caoming, deputy head of the customs administration in Yangshan, Shanghai. At present, 29 enterprises have been set up in Yangshan bonded port area, with a total investment of 7.802 billion U.S. dollars.

In recent years, former bonded areas were unable to meet the demands of enterprises due to their lack of logistics function. Enterprises generally require the construction of bonded port areas with bonded, logistics, export processing and other functions.

By People's Daily Online

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