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Land Port in SW China Allows in Foreign Financial and Insurance Institutions
Starting Sunday, goods that enter and leave Jiegao, a land port on the Sino-Myanmar border in southwest China's Yunnan Province, will be checked in accordance with State's rules and regulations on exit and entry, according to a local official.
Foreign financial and insurance institutions are also allowed to do business involving foreign currency and exchange and Chinese currency Renminbi as well as insurance business in Jiegao border trade area starting today, the official said in Kunming.
This makes Jiegao China's first land port to give the green light to foreign financial and insurance institutions.
Jiegao covers an area of 240 hectares, and is an important land port in southwestern China. It handles 30 percent of Yunnan's border trade.
Yunnan plans to construct trade, processing, bonded and tourism zones in Jiegao and build the port into a pilot zone in opening to the outside.
A series of preferential policies on investment, taxation, industrial and commercial administration and exit and entry will also be implemented in Jiegao, the official added.
Foreigners who enter Jiegao from foreign countries can stay there for 72 hours without visas. Chinese citizens holding identification cards can go in and out of the Jiegao border trade zone freely.
Last year, the import and export volume of Jiegao reached 500 million yuan. And the figure is expected to climb to 1.2 billion US dollars in 2010.
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