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State Council Approves Establishment of Yantai Export Processing Zone
The Chinese State Council has recently granted an official approval for the establishment of "China Yantai Export Processing Zone". This is another State-level window opened to the outside world following Yantai became one in the first group of 14 coastal open cities in 1984 and the establishment of the Yantai Economic and Technological Development Zone.
Related officials of Yantai told the journalist Wednesday that Yantai Export Processing Zone is a special closed area under the supervision and management of the customhouse. It is an industrial production and operation area enjoying favorable policies, exercising the most standard management and providing the most convenient services.
After several years of construction, Yantai Export Processing Zone has invested 0.2 billion yuan in Infrastructure construction and made available the supplies of water, electric power, gas, heating, sewage drainage and access to communication service and leveling the ground. A total of 120,000 square meters of standard factory buildings and 40,000 square meters of bonded warehouses have been completed, business people from countries and regions including the ROK, Japan, Singapore, the United States, Canada, Taiwan, Hong Kong have invested in the zone, whose products include precision electronics, instruments and meters, spare parts of vehicles and planes, and food-processing machinery.
The official said that Yantai will draw on the successful international experiences to operate the processing zone and extensively attract various types of enterprises, such as export-oriented enterprises, hi-tech enterprises, processing enterprises, and bonded warehouses. Meanwhile, it will provide a series of favorable policies which include exemption of tariffs and value added tax on imports of machinery, equipment, moulds and various other needed goods.
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