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"Comprehensive Bonded Zone" Completed in SIP

On Aug. 28, SIP Comprehensive Bonded Zone was officially examined and accepted through joint evaluation by General Administration of Customs and other 8 ministries and national commissions. The approved bonded zone, according to officials of General Administration of Customs, will be treated with relevant policies concerning bonded ports and zones as a special customs-controlled zone with the highest degree of openness in China.

The newly approved SIP Comprehensive Bonded Zone is formed by combining the policies and integrating the functions of the existing SIP Bonded Logistics Center (Type B) and the Zones A and B of SIP Export Processing Zone.

SIP Comprehensive Bonded Zone covers a planned area of 5.28 km2, of which 4.2 km2 was examined and accepted in the current evaluation. It is defined as a specially-controlled zone with the combined functions of bonded processing, logistics, import and export trade, procurement and distribution, banking services, testing and maintenance, and demonstration and exhibition. Similar policies in taxation and foreign exchange will be implemented as those in Yangshan Bonded Port.

Officials from General Administration of Customs tell reporters that Suzhou Industrial Park has become a place of concentration for advanced industries and foreign investment as well as a pace setter of structural innovation in China, and therefore has been chosen as a site for various experimentation of policies, and that in comparison with the bonded zones in Yangshan, Tianjin, and Dalian, SIP Comprehensive Bonded Zone will provide a even more adequate function platform in service of the processing and manufacturing industries of the surrounding areas.

Aug. 28, 2007

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