China opens Kashgar bonded zone
Print Edition
A comprehensive bonded zone was opened in the border city of Kashgar in the Xinjiang Uygur Autonomous Region yesterday.
With a total investment of 2.9 billion yuan (US$467 million), the zone was approved by the State Council in September and passed a joint assessment led by the General Administration of Customs in January.
Covering 3.56 square kilometers, the bonded zone enjoys geographic trade advantages due to its proximity to Kashgar International Airport and busy highways, as well as the China-Pakistan and China-Kyrgyzstan-Uzbekistan railways currently being planned.
Several areas have been created for bonded warehousing, logistics and manufacturing. Services such as customs clearance, air freight and exhibition halls are also available.
The bonded area has finalized investment agreements with 26 logistics and manufacturing companies, which have a combined registered capital of 400 million yuan, and is expected to create 500 jobs.
Bordering five Asian countries including Tajikistan, Kyrgyzstan and India, Kashgar boasts five national ports.
In March, China’s top economic planner issued a plan at the 2015 annual conference of the Boao Forum for Asia that calls on Xinjiang to serve as “a key transportation, trade, logistics, culture, science and education center” and a “core area” on the Silk Road Economic Belt.
The Silk Road Economic Belt, proposed by President Xi Jinping in 2013, is an overland network focused on boosting international trade and cooperation on infrastructure projects with Central, South and West Asian countries.
Xi began a state visit to Pakistan yesterday, his first trip to the South Asian country since he assumed the presidency in 2013. During the visit, China and Pakistan will sign deals on a wide range of issues. High on Xi’s agenda are talks on the China-Pakistan Economic Corridor to connect Kashgar to the Pakistani port of Gwadar.
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