China has approved the establishment of a bonded area in southwestern Chongqing Municipality in an effort to boost the opening and development of central and western regions.
The 8.37-sq km Cuntan Bonded Area centers both the Cuntan Harbor and the Jiangbei International Airport. The bonded area will be completed in 2015.
Chongqing Vice Mayor Huang Qifan said, ‘The Cuntan Bonded Area will be built into a multi-functional area with advanced logistics and preferential policies. It will also become an accelerator for the opening up of central and eastern inland cities.’
Enterprises in the bonded area will enjoy such preferential policies as tax rebates for exports and free tax for trading within the area.
So far, China has established ten such free trade zones in the coastal areas from north to south.