China Opens Largest Free-Trade Harbor Area in N Port City

China Opens Largest Free-Trade Harbor Area in N Port City
(China View)

China's largest free-trade harbor area, which enjoys the most preferential tax treatments, started operation in the northern port city of Tianjin Tuesday, a further move in the country's opening-up strategy.

Dongjiang Bonded Harbor Area, close to Beijing and located in the Bohai-rim region, "is designated as the pilot among others to adopt reforms and renovations to promote the opening-up drive," LiKenong, deputy chief of China Customs, said at the inauguration ceremony.

The area is set to enjoy the most favorable policies in taxation and foreign exchange policies and offers comprehensive services in international shipping, distribution, purchase, transit trade and export processing businesses following the practices of international hubs, free ports and free trade zones, according to Li.

The first phase of the harbor area, which currently covers foursquare kilometers and includes warehouses, container terminals, processing and logistics zones, involved 6.6 billion yuan (nearly 900 million U.S. dollars) in corporate investment.

The project, which was approved by the State Council on August 31, last year, is scheduled to become fully operational by 2010 when the second phase of another 6-sq-km area is completed, realizing a designed capacity of handling 4 million containers per year.

The bonded area is expected to boost development of Tianjin Binhai New Zone, which has been designated as pilot for many of China's new economic and financial policies. …

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