China has opened a new bonded harbor in a major step toward a free trade zone operation with the Association of Southeast Asian Nations (ASEAN).
The Yangpu Bonded Harbor Area is China’s fourth such facility to have preferential tax rates. The harbor, with a first phase of 2.3 sq. km., will cover 9.21 sq. km. when its three stages are completed.
It is located in the Yangpu Economic Development Zone (YEDZ), in south
China’s Hainan Province and has passed an inspection by the
General Administration of Customs.
The three other bonded harbor areas are in Yangshan for Shanghai, Dongjiang for Tianjin and Dayaowan for Dalian, Liaoning Province.
Speaking at a ceremony to launch the Yangpu port, Vice Governor Jiang Sixian promised to make good use of policies involving the port and help turn Hainan into a free trade zone.
Source: China View