The comprehensive bonded zone in Wuhan Economic & Technological Development Zone (WHDZ) -- located in Wuhan, capital of Central China's Hubei province -- is to develop itself into a springboard for the open economy, according to WHDZ officials.
They said that more efforts made in attracting investment in its competitive industries and enhancing its business environment.
In 2018, the WHDZ's Comprehensive Bonded Zone was established under the approval of the State Council, China’s Cabinet.
Officials said it integrated and optimized the former Export Processing Zone, which was one of the first batch of export processing zones in China and the first in Central China.
They said the comprehensive bonded area is a special customs supervision area with the highest operational levels, the best policy incentives, the most complete set of functions and the simplest procedures in the country, except for those of the free trade areas.
The original export processing zone was dominated by bonded processing and bonded logistics functions and was at the lowest end of the added value of the industrial supply chain, officials said.
They added that after its upgrade into a comprehensive protection zone, the zone now has more complete functions and policies.
The total value of imports and exports there in 2019 was 209 million yuan ($29.85 million), a year-on-year increase of 110.9 percent.
This year, the WHDZ’s comprehensive bonded zone has introduced seven new projects, striving to achieve breakthroughs in various tasks, officials said.
