China's largest free-trade harbor area, which enjoys the most preferential tax treatments, started operation in the northern port city of Tianjin Tuesday, a further move in the country's opening-up strategy.
Dongjiang Bonded Harbor Area, close to Beijing and located in the Bohai-rim region, "is designated as the pilot among others to adopt reforms and renovations to promote the opening-up drive," LiKenong, deputy chief of China Customs, said at the inauguration ceremony.
The area is set to enjoy the most favorable policies in taxation and foreign exchange policies and offers comprehensive services in international shipping, distribution, purchase, transit trade and export processing businesses following the practices of international hubs, free ports and free trade zones, according to Li.
The first phase of the harbor area, which currently covers foursquare kilometers and includes warehouses, container terminals, processing and logistics zones, involved 6.6 billion yuan (nearly 900 million U.S. dollars) in corporate investment.
The project, which was approved by the State Council on August 31, last year, is scheduled to become fully operational by 2010 when the second phase of another 6-sq-km area is completed, realizing a designed capacity of handling 4 million containers per year.
The bonded area is expected to boost development of Tianjin Binhai New Zone, which has been designated as pilot for many of China's new economic and financial policies.
"The operation of the new free-trade harbor will not only boost Tianjin's maritime businesses, but greatly expand the overall economic scope," said Yu Rumin, board chairman of Tianjin Port (Group) Co. Ltd., which is in charge of the construction project.
Dongjiang Bonded Harbor Area is the third of its kind in China, following the operation of Shanghai-based Yangshan Bonded Harbor Area in December 2005 and Dayaowan Bonded Harbor Area, located in Dalian, Liaoning Province, in June this year.
The establishment of the fourth -- Yangpu Bonded Harbor Area in the country's southernmost island of Hainan -- was approved by the State Council in October.
The strategy of developing free-trade harbor areas across China marks a new step forward in the country's bold opening-up campaign, said Xu Fu, professor with Tianjin-based Nankai University.
China has launched 15 free-trade areas since the 1990s, a unique economic development mode at that time.
The initiative of establishing bonded harbor zones in some major port regions will meet new challenges arising amid economic globalization after China's entry into the World Trade Organization, Xu said.
The bonded harbor areas combine many foreign-oriented functions including free-trade zones, logistic centers and export processing bases, offering more convenient and integrated services in line with international operation modes.
Dongjiang Bonded Harbor Area, close to Beijing and located in the Bohai-rim region, "is designated as the pilot among others to adopt reforms and renovations to promote the opening-up drive," LiKenong, deputy chief of China Customs, said at the inauguration ceremony.
The area is set to enjoy the most favorable policies in taxation and foreign exchange policies and offers comprehensive services in international shipping, distribution, purchase, transit trade and export processing businesses following the practices of international hubs, free ports and free trade zones, according to Li.
The first phase of the harbor area, which currently covers foursquare kilometers and includes warehouses, container terminals, processing and logistics zones, involved 6.6 billion yuan (nearly 900 million U.S. dollars) in corporate investment.
The project, which was approved by the State Council on August 31, last year, is scheduled to become fully operational by 2010 when the second phase of another 6-sq-km area is completed, realizing a designed capacity of handling 4 million containers per year.
The bonded area is expected to boost development of Tianjin Binhai New Zone, which has been designated as pilot for many of China's new economic and financial policies.
"The operation of the new free-trade harbor will not only boost Tianjin's maritime businesses, but greatly expand the overall economic scope," said Yu Rumin, board chairman of Tianjin Port (Group) Co. Ltd., which is in charge of the construction project.
Dongjiang Bonded Harbor Area is the third of its kind in China, following the operation of Shanghai-based Yangshan Bonded Harbor Area in December 2005 and Dayaowan Bonded Harbor Area, located in Dalian, Liaoning Province, in June this year.
The establishment of the fourth -- Yangpu Bonded Harbor Area in the country's southernmost island of Hainan -- was approved by the State Council in October.
The strategy of developing free-trade harbor areas across China marks a new step forward in the country's bold opening-up campaign, said Xu Fu, professor with Tianjin-based Nankai University.
China has launched 15 free-trade areas since the 1990s, a unique economic development mode at that time.
The initiative of establishing bonded harbor zones in some major port regions will meet new challenges arising amid economic globalization after China's entry into the World Trade Organization, Xu said.
The bonded harbor areas combine many foreign-oriented functions including free-trade zones, logistic centers and export processing bases, offering more convenient and integrated services in line with international operation modes.