CHINA China's cabinet releases guideline on upgrading bonded zones

CHINA

China's cabinet releases guideline on upgrading bonded zones

Xinhua

20:21, January 28, 2019

BEIJING, Jan. 25 (Xinhua) -- China's cabinet has released a guideline on upgrading comprehensive bonded zones for high-level opening up and high-quality development.

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Bonded zones in Zhangjiagang, East China's Jiangsu Province (File photos: VCG)

Improved policies and innovative regulation are needed to foster the competitive edge of the zones in industrial support and the business environment, according to the guideline released by the State Council.

These zones should be developed into "globally influential and competitive centers of processing and manufacturing, R&D and design, logistics and distribution, testing and maintenance, and marketing and services," the guideline said.

Comprehensive bonded zones are areas where preferential tax and foreign exchange policies are applied and are home to firms mainly engaged in export manufacturing and logistics.

A slew of measures will be taken to achieve the goals.

Manufacturers within the zones will be allowed to take orders from domestic firms outside the zones. Cellphones and automobile parts made in the zones will no longer need import licenses for sale in China.

Support will be provided for the development of R&D institutions such as the national industrial innovation centers in the zones.

Logistics will be facilitated with the scrapping of customs clearance for qualified imports. Comprehensive bonded zones capable of importing whole automobiles are allowed to offer car storage and exhibition services.

Global service outsourcing will be supported, and preferential cross-border e-commerce retail import polices will be gradually applied in comprehensive bonded zones.

Government departments should give all-out support to "create first-class business environment" in these zones, the guideline said.

There are 96 comprehensive bonded zones in China currently, according to Li Guo, deputy head of the General Administration of Customs.

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