Published on ShanghaiDaily.com (http://www.shanghaidaily.com/)
http://www.shanghaidaily.com/sp/article/2008/200811/20081121/article_381419.htm
New harbor to have ASEAN trade focus
Created: 2008-11-21
CHINA opened a new bonded harbor in the southern Hainan Province yesterday in a major step toward a free trade zone operation with the Association of Southeast Asian Nations.
The Yangpu Bonded Harbor Area is China's fourth such facility to have preferential tax rates. The harbor, with a first phase of 2.3 square kilometers, will cover 9.21 square kilometers when its three stages are completed. It is located in the Yangpu Economic Development Zone. It has passed an inspection by the General Administration of Customs.
The three other bonded harbor areas are in Yangshan of Shanghai, Dongjiang of Tianjin and Dayaowan of Dalian, Liaoning Province.
Speaking at a ceremony to launch the Yangpu port yesterday, Hainan's Vice Governor Jiang Sixian promised to make good use of policies involving the port and help turn Hainan into a free trade zone.
Li Lanxue, chief of Haikou Customs, said the Yangpu port would offer tax breaks on imports and rebates on domestic commodities. Inter-company transactions would be exempt from value-added and consumption taxes, in addition to preferential policies in the Yangpu zone.
"The bonded harbor zone will focus on transfer, storage, logistics, processing and trade in energy and raw materials, and will eventually become an ASEAN-oriented business center," said Li.
The Yangpu Bonded Harbor Area is China's fourth such facility to have preferential tax rates. The harbor, with a first phase of 2.3 square kilometers, will cover 9.21 square kilometers when its three stages are completed. It is located in the Yangpu Economic Development Zone. It has passed an inspection by the General Administration of Customs.
The three other bonded harbor areas are in Yangshan of Shanghai, Dongjiang of Tianjin and Dayaowan of Dalian, Liaoning Province.
Speaking at a ceremony to launch the Yangpu port yesterday, Hainan's Vice Governor Jiang Sixian promised to make good use of policies involving the port and help turn Hainan into a free trade zone.
Li Lanxue, chief of Haikou Customs, said the Yangpu port would offer tax breaks on imports and rebates on domestic commodities. Inter-company transactions would be exempt from value-added and consumption taxes, in addition to preferential policies in the Yangpu zone.
"The bonded harbor zone will focus on transfer, storage, logistics, processing and trade in energy and raw materials, and will eventually become an ASEAN-oriented business center," said Li.
Xinhua
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