China State Council to Upgrade Bonded Zones
Jan 17, 2019
China is to upgrade “special administrative zones” focusing on bonded warehouses.
Under new plans enterprise operating within the confines of the bonded zones will be subject to favorable taxation, streamlined procedures, facilitated logistics etc.
Preferential treatment will also be offered to companies involved in R&D or enterprises offering innovative services.
Further development of bonded warehouse will focus on developing new technical capacities, infrastructure and entcing industry from the following 5 areas: 1) manufacturing 2) R&D 3) logistics, 4) repair 5) sales.
During a State Council’s executive meeting held early on Jan. 2, 2019, Premier Li Keqiang outlined China’s plans to upgrade comprehensive bonded zones and develop new technologies, processes and solutions. General Administration of Customs, State Taxation Administration, Ministry of Commerce and 11 other government departments drafted proposals on upgrading comprehensive bonded zones to align with advanced international standards, promote trade and investment and nurture new competitive advantages.
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