The Beijing Daxing International Airport Bonded Zone, overseen by both Beijing and Hebei province, is now in operation following an opening ceremony in Beijing's Daxing district on Nov 24. It was approved by the State Council on Nov 5.

Enterprise representatives sign e-deals with the Beijing Daxing International Airport Bonded Zone on Nov 24. [Photo provided by Daxing district]

The newly-built construction, which is projected to cover 4.35 square kilometers (435 hectares), will have a port and a bonded area that focus on modern logistics, international trade, bonded processing and bonded services.

Its first phase is now in full swing. Beijing and Hebei have established a joint headquarters to accelerate its acceptance.

After completion, the comprehensive bonded zone will enjoy tax and foreign exchange management privileges. These will include the advantages that foreign goods sold to the zone are basically tax-free and that transactions between local enterprises are exempt from value-added and consumption tax.

During the event, Daxing signed cooperation agreements with six enterprises. One of the business partners, Sinopharm Group, will make full use of the bonded zone's policy advantages to boost cross-border pharmaceutical supply chains; the drug research and development units ACRO Biosystems and SAFE Pharmaceutical are expected to aid the zone to serve global market.

The project is positioning itself as a driving engine of Daxing airport area's industry, a pilot zone for expansion and the opening of the service sector, a leading area for the country's airport-type comprehensive bonded zone and a core hub of Northeast Asia's participation in global trade.

In the future, the bonded zone will explore a one-stop customs clearance supervision model and a valid approval model to improve its management and operation.