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East Lake Comprehensive Bonded Zone to go into operation this year after national acceptance

Release time: 2013-01-18 17:36:39                                      Source: OVC

On January 15, Wuhan East Lake Comprehensive Bonded Zone (WELCBZ) was accredited as the country's 15th and Hubei's 1st of its kind after national acceptance. According to Wuhan's Government Work Report, the zone is about to go into operation this year.

Upon report hearing, field investigation and on-site review, the joint acceptance group established by the General Administration of Customs in association with 10 ministries and commissions like the National Development and Reform Commission, the Ministry of Finance, the Ministry of Land and Resources, the Ministry of Housing and Urban-Rural Development, the Ministry of Commerce, the General Administration of Taxation, the State Administration for Industry & Commerce, the General Administration of Quality Supervision, Inspection and Quarantine and the General Administration of Foreign Exchange officially accepted WELCBZ.
According to the acceptance group, the infrastructural and supervisory facilities within the Phase 1 start-up zone of WELCBZ covering an area of 1.82 square kilometers have basically conformed to the provisions and requirements of the Acceptance Standards for Infrastructural and Supervisory Facilities in Zones under Special Customs Supervision as well as relevant state laws and regulations, thus acceptance was approved and the Acceptance Certificate for Comprehensive Bonded Zone was conferred.

WELCBZ is located at Fozuling Industrial Park, Wuhan East Lake High-tech Development Zone, with a planned area of 5.41 square kilometers. The Phase 1 start-up zone covers an area of 1.82 square kilometers, and Phase 2 covers 3.59 square kilometers. The project was approved by the State Council in September 2011 and passed the provincial preliminary acceptance on August 22, 2012.

The project is expected to wind up by 2015. Then WELCBZ's cumulative fixed assets investment, foreign investment under agreements and foreign investment in actual use will hit 50 billion yuan, 5 billion US dollars and 2 billion US dollars respectively.

WELCBZ is a zone under special customs supervision with the highest level of opening up, the most preferential policies, the most complete functions and the simplest formalities in China. It integrates policies and functions of bonded zone, export processing zone and bonded logistics park.