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China approves Xi'an bonded area

03-01-2011 09:40 BJT

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China's State Council has approved the only and first comprehensive bonded area, in the country's northwestern region. It means that otherwise dutiable goods, can be stored there without having taxed charged on them.

Located in the Xi'an international port area, the comprehensive bonded area has standard workshops and a warehouse with an area of 1.2 million square meters.

Once completed, it will have access to the seaport, logistics, export processing and international trade with a closed management.

Local officials say the authorized bonded area will give the city an edge in future development.

Han Song, Vice Mayor of Xi'an said "Having an inland port and a comprehensive bonded area, means Shaanxi province will have the same comparative advantages and comparative sources as the southwestern coastal areas, in carrying on industrial relocation and increasing imports and exports."

Companies located in the bonded area will benefit.

Leading syrup company Tian Yuan Leng Lian Logistics Company, is one of the first to enter the Xi'an international port area.

In the past, they had to transport syrup to a city with a port before they exported it, and applied for a rebate. But now they only need to transport the juice to the bonded area, process it as export goods and get the rebate directly.

Zhou Yun, Chairman of Tian Yuan Leng Lian Logistics said "Now the drawback is one or two months earlier than before and it can save some costs for our company."

Domestic goods will be treated as exports as soon as they enter the bonded area, and will be given a drawback. Trade between companies within the bonded area isn't levied any VAT or consumption tax.

Editor:Xiong Qu |Source: CNTV.CN

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