Two workers walk inside a warehouse of imported medicine for cross-border e-commerce in Tianzhu comprehensive bonded zone in Shunyi District, Beijing, capital of China, on March 12, 2021. (Xinhua/Ren Chao)
BEIJING, June 24 (Xinhua) -- The total imports and exports of comprehensive bonded areas across China jumped 31.6 percent year on year to 2.08 trillion yuan in the first five months of this year, reported Economic Daily on Thursday quoting data from customs authorities.
Of the total, exports of the comprehensive bonded zones amounted to 1.107 trillion yuan, up 36.4 percent year on year, and imports increased 26.6 percent year on year to 0.976 trillion yuan.
Since last year, the General Administration of Customs (GAC), together with relevant departments, has actively piloted the general taxpayer status of value-added tax (VAT) in comprehensive bonded zones, allowing processing and manufacturing companies in the zones to undertake outsourced processing businesses from outside the zones of the mainland market. The move aims to support firms in the zones better coordinate domestic and international markets and resources so as to fully stimulate market vitality.
China will continue supporting comprehensive bonded zones to promote traditional businesses such as processing, manufacturing, warehousing and logistics and take the lead in trying new forms of businesses like research and development, bonded test, and global maintenance, according to Chen Zhenchong, director with the Department of Free Trade Zone and Special Control Area under the GAC.
Comprehensive bonded zones are special customs supervision areas enjoying preferential tax and foreign exchange policies. These zones are expected to become new platforms for China to pursue higher-level opening up. So far, 150 comprehensive bonded zones have been set up in China, showed data from the GAC. (Edited by Su Dan with Xinhua Silk Road, sudan@xinhua.org)
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