Wuhan customs is to support the development of an open economy in Wuhan Economic & Technological Development Zone (WHDZ) -- in Wuhan city, in China’s Central Hubei province -- in the wake of a memorandum of cooperation signed between the two parties on June 9, according to WHDZ officials.
Under the agreement, Wuhan customs will provide strong support for the WHDZ in many areas.
Officials said these will include attracting foreign investment, building a high-level open platform, providing guidance for the operation of a comprehensive bonded zone in the WHDZ and optimizing the general business environment.
They said the development zone will support the customs office’s moves to implement "smart supervision", promote the upgrade and transformation of the infrastructure of the WHDZ Comprehensive Bonded Zone and its daily operation and maintenance.
It will also help ensure the operation of the information-based auxiliary management system.
The WHDZ Comprehensive Bonded Zone and the Port Logistics Park are seen as important measures for the development of an export-oriented economy in the WHDZ.
With the guidance and support of Wuhan customs, the WHDZ bonded zone and a national first-class inland port located in the WHDZ were approved in 2018 and 2019, respectively.
Wuhan, which sits at the confluence of the Han River flowing into the Yangtze River, is the biggest inland port on the middle reaches of the major waterway. Since getting the green light they have since provided an important export-oriented economic development platform for the development zone.
In November, 2019, the WHDZ bonded zone passed a review by a joint acceptance group composed of eight departments, including Wuhan customs and the Development and Reform Commission of Hubei province.
Officials said the facility has proved to be a major success. The total value of imports and exports in 2019 was 209 million yuan ($29.55 million), a year-on-year increase of 110.9 percent.
