China's Xiong'an receives approval for comprehensive bonded zone

Staff members provide service for citizens at the comprehensive tax service area of the Xiongan New Area Administrative Service Center in Xiongan New Area, north China's Hebei Province, May 12, 2021. (Xinhua/Jin Haoyuan)

SHIJIAZHUANG, June 30 (Xinhua) -- The Xiong'an New Area in north China's Hebei Province has received approval from the State Council to set up a new comprehensive bonded zone, local authorities said Friday.

The zone will be located on the east side of Zhugezhuang Township, Xiongxian County. It covers a total area of approximately 0.63 square km, with the first phase occupying around 0.42 square km, said the Xiong'an New Area management committee.

The zone is expected to build an industrial system led by design, R&D, and high-tech industries, focusing on high-end manufacturing and sales services, and supported by modern logistics.

Xiong'an New Area is working to expedite the zone's construction and promote investment, operation, and services.

Comprehensive bonded zones are special commercial zones that enjoy favorable taxation policies managed by customs officials.

China announced plans to establish the Xiong'an New Area on April 1, 2017, located about 100 km southwest of Beijing, aiming to build the area into a national model of high-quality development and a new engine for the modern economic system.