The State Council, China’s cabinet, has officially approved the upgrade of the Shenzhen Export Processing Zone to a comprehensive bonded zone in Pingshan District, Shenzhen Special Zone Daily reported yesterday.
After the upgrade, the bonded zone will be built into an international testing and maintenance center in the future. Support will be given to testing and maintenance enterprises to be settled in the zone.
A comprehensive bonded zone is a special commercial area that enjoys favorable taxation policies and is managed by customs officials. It serves as an important platform for an open economy and is important for developing foreign trade, attracting foreign investment, and promoting industrial transformation and upgrade.
Pingshan is an important gateway for the Guangdong-Hong Kong-Macao Greater Bay Area in the east and an important node of the Guangzhou-Shenzhen-Hong Kong-Macao Science and Technology Innovation Corridor.
Though affected by the COVID-19 epidemic, the district’s imports and exports have maintained healthy growth so far. From January to May, imports and exports in foreign trade reached 33.23 billion yuan (US$4.69 billion), up 20.36 percent year-on-year.
Since the beginning of this year, the processing zone has successfully introduced a variety of companies in the fields of testing and maintenance, biological medicine and logistics.