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News

Wuhan bonded zone passes inspection

30 January 2013
Wuhan’s East Lake Integrated Bonded Zone, the first integrated bonded zone in Hubei province, has passed acceptance inspection by a group of government officials, Xinhua reported.

The bonded zone is located inside Wuhan East Lake High-Tech Zone, and it will occupy an area of 1.82 sq km after phase one is completed, eventually rising to 5.41 sq km. There are 16 other such facilities in China that offer bonded service in processing and logistics.

The facility claims to have already signed agreements with eight investors, including Sinotrans, worth a combined Rmb1bn. Other enterprises that have expressed interest in setting up a branch in the facility include Lenovo and Foxconn, according to the report.

An integrated bonded zone is a customs-supervised area where shipments are treated as exports and can enjoy tax rebate when they enter, and are treated as imports upon exiting the area. Trading of goods in the zone is exempted from VAT and consumption tax.

     
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