BEIJING, June 30 -- China announced on Tuesday its first market for returned-cultural relics had opened at the Beijing Tianzhu Free Trade Zone.

Li Yanling, deputy head of the bonded zone, said the market would enjoy favorable customs clearance procedures and tax exemptions. It will hold regular auctions, exhibitions and trade fairs that will be open to international organizations.

The market will offer services such as identification and storage of cultural relics.

Beijing Gehua Cultural Development Group operates the relic market.

"At least 10 million Chinese cultural relics have been stolen and smuggled out of the country. A substantial amount cannot be returned through the official channels," said Wang Yudong, deputy general manager of the group.

The company has co-chaired auctions with international auction houses, such as Sotheby's, in the free trade zone since 2012. With the opening of the market, traded items can now enjoy more duty-free trading, storage and clearance policies to return to China.