A comprehensive bonded zone was recently approved by the State Council for Wuhan Economic and Technological Development Zone (WHDZ) in Wuhan, Central China's Hubei province. The new zone will be the third one to be established in Wuhan.
With another two in Wuhan East Lake High-tech Development Zone and Wuhan New Port, Wuhan became the second sub-provincial city in the country to have three bonded zones, following Xi'an in Shaanxi province.
The comprehensive bonded zone in WHDZ was upgraded from the former Wuhan Export Processing Zone, which was the first export processing zone in Central China and went into operation in 2001.
A comprehensive bonded zone is a special customs supervision area with the highest level of openness, the most preferential policies, the most complete functions and the most simplified procedures outside the free trade zones.
Functions of the original export processing zone were mainly bonded processing and bonded logistics, and following its upgrading to a comprehensive bonded zone, the park will offer a more complete range of functions and policies, making international trade easier in the zone and promoting its development of an export-oriented economy.
For the next step, the bonded zone will utilize its advantages to promote the development of cross-border e-commerce, international trade, and expand other businesses.
The comprehensive bonded zone at Wuhan Economic and Technological Development Zone, Wuhan, Hubei province [Photo/Changjiang Daily]
A supermarket selling imported goods pictured in the comprehensive bonded zone in Wuhan Economic and Technological Development Zone [Photo/Changjiang Daily]
