Bonded zones to be ex­panded

China Daily (Hong Kong) - - CHINA - By HU YONGQI huy­[email protected]­

China aims to build its com­pre­hen­sive bonded zones into glob­ally com­pet­i­tive cen­ters for process man­u­fac­tur­ing, re­search and de­sign, lo­gis­tics, main­te­nance, re­pair and sales ser­vices, high-rank­ing of­fi­cials said on Thursday.

Com­pre­hen­sive bonded zones are spe­cial com­mer­cial ar­eas man­aged by cus­toms of­fi­cials that fea­ture fa­vor­able tax­a­tion poli­cies.

Plans call for the zones to be im­proved with stream­lined pro­ce­dures to boost global com­pet­i­tive­ness, said Li Guo, deputy head of the Gen­eral Ad­min­is­tra­tion of Cus­toms, at a pol­icy brief­ing hosted by the State Coun­cil In­for­ma­tion Of­fice.

The zones are part of a new guide­line drafted by the Gen­eral Ad­min­is­tra­tion of Cus­toms and 14 other de­part­ments, which pro­motes high-level open­ing-up and high-qual­ity devel­op­ment for the com­pre­hen­sive bonded zones. It was ap­proved at the State Coun­cil ex­ec­u­tive meet­ing on Jan 2 and is ex­pected to be re­leased soon.

Man­u­fac­tur­ers within the zones will be able to im­port some goods duty-free and will be al­lowed to take orders from do­mes­tic com­pa­nies out­side the zones. Cell­phones and au­to­mo­bile com­po­nents made in the zones will be sold in China with­out im­port li­censes.

The zones will con­duct global main­te­nance busi­ness and high­tech, high value-added re­man­u­fac­tur­ing, while pref­er­en­tial im­port poli­cies on cross-bor­der e-com­merce will be ap­plied, Li said.

En­ter­prises in com­pre­hen­sive bonded zones can take ad­van­tage of pref­er­en­tial tax and for­eign ex­change poli­cies to fa­cil­i­tate their ex­port man­u­fac­tur­ing and lo­gis­tics. The new guide­lines al­low some man­u­fac­tur­ers to work for the do­mes­tic mar­ket.

Since 1990, China has de­vel­oped six types of spe­cial ad­min­is­tra­tive zones for cus­toms pur­poses, in­clud­ing com­pre­hen­sive bonded zones. The first 11 months last year saw im­ports and ex­ports of 4.7 tril­lion yuan ($691 bil­lion), an in­crease of 12.3 per­cent over the same pe­riod in 2017, in all of China’s 140 spe­cial cus­toms ad­min­is­tra­tive zones, in­clud­ing 96 com­pre­hen­sive bonded zones. They ac­counted for 16.8 per­cent of China’s im­ports and ex­ports.

Newspapers in English

Newspapers from China

© PressReader. All rights reserved.