The General Administration of Customs issued six measures to support the development of comprehensive bonded zones to ensure stable trade flows and foreign investment growth amid the novel coronavirus outbreak.

The GAC will support the country’s 18 pilot free trade zones, national-level new areas and economic development zones to set up comprehensive bonded zones, as well as accelerate the transformation of other types of special customs supervision areas such as upgrading bonded port areas into comprehensive bonded areas, said a statement unveiled by the administration on Tuesday.

The GAC will expand policy coverage by attracting more manufacturing and equipment maintenance companies to establish facilities within the comprehensive bonded zones to further diversify these areas’ developing strength, the document said.

The comprehensive bonded zone is a special customs supervision area established by the Chinese government with reference to the free trade zone (parks) that are commonly used internationally.

In addition to an abundance of preferential policies for foreign trade and comprehensive functions, the zone is also proficient in developing bonded processing, logistics and services, and other businesses.

The value of imports and exports of China’s comprehensive bonded zones amounted to 2.9 trillion yuan ($413.49 billion) in 2019, up 11.9 percent year-on-year, accounting for 9.2 percent of the nation’s total foreign trade volume, according to the GAC.

They have played a significant role in driving China’s opening-up and real economy, especially in serving the central and western regions to undertake industrial transfers and helping with the eastern region’s industrial upgrading.

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Global automaker supplies threatened by China coronavirus crisis

DETROIT (Reuters) – The threat from the coronavirus crisis closed in on the global auto industry on Thursday, as Fiat Chrysler Automobiles NV warned that a European plant could shut down within two to four weeks if Chinese parts suppliers…

What does the easyJet data hack mean for you?

EasyJet has become the latest airline to fall victim to a sophisticated cyberattack. These are the key questions. Britain’s biggest budget airline says the details of nine million customers have been “accessed” by hackers in a major cyberattack. Sharing the…

Self-driving startup Pony.ai raises $462m in Toyota-led funding

Autonomous driving startup Pony.ai finished a new round of funding last week raising a staggering $462 million, which analysts say is perfectly timed as China steps up efforts to promote the technology. The fundraising, of which $400 million was from…

China’s tax, fee cuts over 906b in Jan-April

BEIJING – China’s top tax watchdog said the country’s tax and fee cuts totaled 906.6 billion yuan ($127.1 billion) in the first four months. Of the total, the preferential tax and fee measures unveiled in 2020 to support economic development…