Thursday, December 18, 2008

Beijing begins construction of bonded area

Beijing began construction of a bonded area on Wednesday.

The Tianzhu Comprehensive Bonded Area, northwest of Beijing Capital International Airport, has a planned area of 5.994 square kilometers.

Beijing Vice Mayor Ji Lin said the comprehensive bonded area would be an important window for the capital's opening up to the outside.

Enterprises in the bonded area enjoy such preferential policies as tax rebates for exports and no tax for trading within the area.

The first phase of the bonded area will be completed and put into operation in April next year.

China has newly approved two bonded areas along the country's longest waterway, the Yangtze, one on the upper stream in the inland Chongqing Municipality, and the other at the river mouth in Zhangjiagang City, eastern Jiangsu Province. Previous to those, China had established ten free trade zones in coastal areas.

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