China’s State Council has recently approved the upgrade of China-Kazakhstan Khorgos International Border Cooperation Center’s Support Area in China into the Khorgos Comprehensive Bonded Area in Northwest China’s Xinjiang Uygur Autonomous Region.
As a result of the upgrade, the number of comprehensive bonded areas in Xinjiang will have grown to four.
After the upgrade, the Khorgos Comprehensive Bonded Area will have a planned area of 3.61 square kilometers and will be divided into two blocks to develop businesses such as bonded processing, bonded logistics and bonded services.
The bonded area will continue to be the Chinese support area for China-Kazakhstan Khorgos International Border Cooperation Center, and will be entitled to enjoy the existing tax and foreign exchange control policies for the current comprehensive bonded area.
In addition, unless otherwise provided by law, regulations or current policies, foreign goods entering the bonded area will be entitled to enjoy customs bond and tax exemption, while goods entering the area from other Chinese regions are deemed to be exports covered by policies on tax refund.
“The comprehensive bonded area has provided strong support as a platform for promoting construction of the core area of the Silk Road Economic Belt, enriching the carriers of opening up, promoting the level of opening up and innovating an open economic system.
The advantages are more prominent, and more international and domestic enterprises are attracted to Khorgos to make investment and start up businesses,” said Zhang Yongning, deputy director of the Management Committee of the Economic Development Zone in Khorgos.