Council Approves Creation of Yantian Bonded Area
The State Council recently approved the creation and establishment of the Shenzhen Yantian Comprehensive Bonded Area. The Shenzhen Trade and Information Commission stated that the area will be based on the Yantian port bonded area and bonded logistics park.
Imported foreign goods coming in will be bonded in the area and will be allowed storage and potential sale for export without the need of payment of duties. Meanwhile domestic goods are treated as exported and are eligible for relevant export tax rebate policies. The area’s other function includes bonded warehousing and exhibition, manufacturing, research and development.
The port area covers around 1.16 square kilometers which includes more than 1,440,000 sqaure meters of warehouses and factories. The Yantian port area is home to at least 301 enterprises and has already completed exports and imports which is worth more than US$ 148 billion by 2013. This allowed that area to achieve an industrial output of around 87 billion yuan for last year showing a 53 percent growth compared to 2012.
The city’s application for the status of the bonded area is intended for the consolidation and increase of the foreign trade in the capabilities of the city by further developing international trade, high tech processing, port logistics, ship chartering and cross border e-businesses in the area.