Zhoushan bonded zone officially opens

The Zhoushan bonded zone in East China's Zhejiang Province announced the official commencement of its phase 1 project Wednesday, the first step toward a free trade zone, Hangzhou-based Metro Express reported Wednesday.

The Zhoushan Port Comprehensive Bonded Zone was granted approval by the State Council on September 29, 2012.

Covering an area of 2.55 square kilometers on the Zhoushan islands near Ningbo, the bonded zone intends to be a center for maritime equipment manufacturing, biological and electronics industries and warehousing, with a focus on shipping, financial and exhibition services.

The bonded zone aims to build itself into a commodity-based bonded zone targeting the Asia-Pacific region, the first step toward a free trade zone and free trade port.

A total of 110 companies have been registered in the bonded zone, and 20 more are undergoing the process of registration, the report said.

It is also applying for a pilot program to build a cross-border e-commerce platform.

A two-story international exhibition center is currently under construction in the Zhoushan bonded zone and expected to be completed in October for international goods.

Unlike Yiwu, an export center of small value commodities also in Zhejiang, the international exhibition center in the Zhoushan bonded zone will be a hub for fast-moving consumer goods, food, and daily necessities targeting domestic market.

Local residents can also buy goods at a lower price in the bonded zone.