[photopress:daoyowan.jpg,full,alignright]China now has a harbor area with preferential tax rates in the north-eastern city of Dalian. This is pretty important as it is a major step towards forming a free trade zone between China, Japan and the Republic of Korea.
The Dayaowan Bonded Harbor Area, at the Dagushan Peninsula in the northeastern part of Dalian, enjoys preferential taxation and foreign exchange policies.
Zhang Shikun, director of the Dalian Bonded Area Administrative Committee, said, ‘It will remove tariffs for foreign cargo and offer tax rebates for domestic cargo. It will also exempt businesses from value added taxes and consumption taxes if they trade with each other.’
The first phase of the area covers 3.06 square kilometers and includes warehouses, cold storage facilities, a container terminal and processing and logistics services.
About RMB200 million ($25 million has been spent on the construction of the area.
The second phase is expected to be finished by the end of next year, expanding the area to 6.88 square km.
The Dalian port is the seventh largest in China and handled 200 million tons of cargo and 30 million containers (TEUs) last year.
Source: China Daily
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