An aerial photo of the WEDZ CBZ. [Photo provided to en.whkfq.gov.cn]
The Wuhan Economic & Technological Development Zone (WEDZ) Comprehensive Bonded Zone (CBZ) reported a growth rate of 80 percent in first-line imports and exports, exceeding the growth target by 45 percent, while the foreign trade turnover of processing trade enterprises accounted for 22 percent of the zone's total. The value of e-commerce imports saw a year-on-year surge of 243 percent, with 1.1 million orders placed.
The CBZ will work to establish four centers for processing trade, e-commerce, sci-tech R&D, and bonded logistics, and become a Class-A CBZ in central and western China.
Having moved into the bonded zone in June 2020, ProMOS Technologies Inc is a supplier of electronic equipment for special purposes and registered over 300 million yuan ($44.64 million) in exports and imports last year.
The bonded zone has brought in one of its upstream enterprises – Silicon Integrated Co – which is committed to wafer dicing and plans to roll out trial productions of its products.
As an important window for China's open economy and a practical channel for pursuing the dual-circulation development paradigm, the CBZ has made full use of favorable bonded, free tax, and tax refund policies to lower operation costs for foreign traders.
Cainiao Network's cross-border regional center in Central China is the first e-commerce heavyweight introduced to the bonded zone, and has businesses on multiple platforms, including Tmall Global and Koala Sea Purchase. The new bonded warehouse it owns was launched in October 2021 and is Cainiao's second largest in Central China. It services not only Hubei, but also surrounding regions including Hunan, Anhui and Jiangxi provinces.
