Memo supports transformation of bonded zone
China’s General Administration of Customs has signed a memorandum with Shanghai government on upgrading the Jiading Export Processing Zone to the Jiading Comprehensive Bonded Zone.
With a planned area of 0.95 square kilometers, the comprehensive zone passed checks by a joint acceptance team led by Shanghai Customs.
The team listened to a report on construction of the zone and conducted on-site acceptance of basic and supervisory facilities such as entrance and exit gates, inspection sites, road facilities and fences.
The main businesses of enterprises in the zone are manufacturing, bonded logistics, bonded repairs and cross-border e-commerce.
A cooperation memorandum was signed by Jiading and Shanghai Customs in May to promote transformation and upgrading of the export processing zone.
According to the memo, newly registered foreign-funded enterprises can enjoy a maximum reward of 2 million yuan (US$290,000). The memorandum would also help accelerate the final establishment of the comprehensive zone.
Jiading and Shanghai Customs will focus on the construction of Jiading’s automotive industry cluster, continue to support the host of F1 events at the Shanghai International Circuit and the expansion of functions of the public bonded warehouse of national auto and parts export base (Shanghai). It will encourage Jiading enterprises to carry out bonded storage of vehicles and the export of second-hand cars.
To ensure the high-quality development of the comprehensive zone, the two sides will boost transformation, upgrading and business innovation in the zone, carry out pilot projects for the qualification of general VAT taxpayers and make good use of the policies of classified supervision of warehousing goods.