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News

Wuhan New Port FTZ likely to be approved by year end

7 May 2014
The application for the creation of Wuhan New Port Free Trade Zone is likely to receive approval by the end of this year, a Wuhan government work conference was told on 4 May. The free trade zone includes Yangluo, Zhuankou and Dongxihu Industrial Park.

The move has already attracted the attention of companies involved in foreign trade, according to China Water Transport News. As goods entering the zone will not be treated as imports until they leave and exports will attract rebates once inside the zone, the new status will help these companies improve their cashflow and reduce taxes and logistics costs.

Wuhan reported a total container throughput of nearly 860,000 TEU in 2013. However, the government is investing to ensure an annual container handling capacity of 5.5m TEU by 2020 and 10m TEU by 2025.

     
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