New bonded zone in SW China approved

The State Council, or China's cabinet, has approved the establishment of a comprehensive bonded zone in southwest China's Guizhou Province, the provincial government said Wednesday.

The zone will be in the provincial capital Guiyang, with a total area of just over 3 square kilometers.

The zone will enjoy the same tax and foreign exchange polices as the Yangshan Free Trade Port Area, the country's first bonded port established in Shanghai in 2005.

The State Council requested the bonded zone conduct closed management and arrange quarantine facilities according to customs requirements. The General Administration of Customs will be in charge of checking and acceptance work when it is put into operation.

Construction work on the zone is expected to be completed next year.