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Qingdao Bonded Logistics Park Gains Endorsement of State Council |
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Qingdao Bonded Logistics Park recently underwent an inspection by the State Council of the People’s Republic of China and received its endorsement. The park is an experimental linkage between ports and regions in Qingdao, a coastal city of east China’s Shandong province
The linkage between ports and regions is one popular international means of developing free trade zones (FTZ). It expands the policy of bonded areas to port areas for the implementation of regional connections, functional linkage and informational linkage between ports and bonded areas.
Qingdao Bonded Logistics Park has four main functions such as international transfer, distribution, purchase and international transit trade. Currently, it is a special region in China that combines the interrelated policies of bonded areas and export processing zones, with the free port advantages of zero tariff and barrier-free trade. It will also boost the Shandong peninsula’s development of manufacturing industries and the economic development of neighboring provinces and regions.
At present, over ten multinational enterprises such as MAERSK, P&O and Kerry Logistics have signed agreements to operate in Qingdao Bonded Logistics Park.
Source: China Knowledge
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