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Bonded zone approved
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A bonded zone in Hangzhou has been approved by the State Council, China’s Cabinet. Located in the Hangzhou Economic and Technology Development Zone, the bonded zone will cover 2 square kilometers and enjoy the same tax and foreign exchange policies as the Yangshan Free Trade Port Area, the country’s first bonded port established in Shanghai in 2005.
It will be the fourth bonded zone in Zhejiang Province after Zhoushan Port, Jiaxing and Jinyi comprehensive bonded zones. The port will focus on seven aspects, including international transfers, distribution and procurement.
The government will also grant the zone preferential policies and a competitive tax system.
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