BEIJING: China will integrate its specially-supervised bonded zones to facilitate and encourage trade in key areas such as the high-tech and high-value added sectors, according to a circular issued by the State Council.
The move aims to promote the transformation and upgrading of the processing sector, facilitate the implementation of major national strategies including the Beijing-Tianjin-Hebei integrated development program and support regional economic development.
Export processing zones, bonded logistics parks, cross-border industrial zones, and the newly-established special supervision areas will all be integrated under the umbrella term comprehensive bonded zones.
These zones will be administered and supervised under a unified model, and businesses including bonded processing, bonded logistics and bonded warehousing services will be promoted.
Enterprises in the special supervision areas are encouraged to develop high-tech, high value-added domestic and foreign maintenance and remanufacturing services, as well as exploring overseas market through cross-border e-commerce, according to the circular.
Since 1990, China has established over 100 customs special supervision areas including bonded zones, cross-border industrial zones and export processing zones, to facilitate cross-border trade and economic development.