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More Foreign Funds Flowed to Coastal Bonded Zone
The Qingdao Bonded Zone in east China's Shandong Province absorbed US$55.7 million of investment from abroad in the first 10 months of this year, up 22 percent over the same period last year.
It has also attracted an investment of 398 million yuan from other parts of China, representing a year-on-year increase of 226 percent, said a trade official in the zone.
Given approval by China's State Council in November 1992, the bonded zone, covering 2.5 square kilometers, is empowered to handle imports and exports, export-oriented processing and duty-free warehousing.
By the end of October, the industrial output value of the zone totaled 820 million yuan. Its exports came to US$110 million, a 30 percent rise, and the imports were US$140 million, up by 108 percent.
The bonded zone is expected to gain US$140 million in contracted value. The actual amount of foreign investment used is expected to reach US$60 million by the end of this year.
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