China unveils measures to boost comprehensive bonded zones

 China has released a set of measures to promote the expansion and quality improvement of comprehensive bonded zones, in a bid to spur their high-quality development.

The 24 measures, made public in a document forwarded by the General Office of the State Council and issued by the General Administration of Customs, focus on four areas, namely fostering new business forms and models, enhancing the resilience and security of industrial and supply chains, promoting integrated domestic and foreign trade, and improving smart regulation and coordinated governance.

The document outlines specific steps to support bonded maintenance, bonded inspection, cross-border e-commerce, and coordinated development in biomedicine research.

Comprehensive bonded zones are customs-supervised areas with streamlined clearance procedures, serving as vital platforms for China's opening-up endeavors. Policies such as tax refunds upon entry, bonded imports and the free flow of goods within the zone help enterprises significantly reduce institutional transaction costs.

These zones and other special customs supervision areas contributed one-fifth of the country's total foreign trade during the 14th Five-Year Plan period (2021-2025). ■