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Guangzhou Export Processing Zone to Be Operational
The export processing zone in Guangzhou, capital of south China's Guangdong Province, is under speedy construction and will be ready for service by the end of the year.
China's exports have been rising rapidly since the country introduced reform measures in 1978. Until now, the volume of processing trade accounts for a half of the country's exports.
Guangzhou export processing zone is just one of 15 export processing zones the State Council decided this April to construct across the country as a step to prepare for the country's foreseeable accession into the World Trade Organization.
Situated inside Guangzhou Economic and Technological Development Park, Guangzhou export processing zone will have a planned development area of 3.05 square kilometers. It will be built in three stages. The area for first phase of development will be 0.9 square kilometers.
According to Wang Deye, head of the committee for administration of Guangzhou Economic and Technological Development Park, export processing businesses inside the new zone will enjoy round-the-clock customs service and more preferential policies regarding taxation and control of hard currencies than they will have in the other parts of the park.
Boasting convenient transport conditions, the new export processing zone has been built with infrastructure for supplies of power, water, gas and for telecom service.
Negotiations for starting up a score of projects inside the export processing zone are being held, with the signing of agreements on investing in some of the projects at the zone, said Wang.
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