Jiangsu opens bonded zone in Nantong

Moreover, companies in the zone can also enjoy streamlined inspections, said the officials.

According to its regulations, raw materials imported to produce export-oriented products are not required to pass inspection.

Office or living consumables are also free from quality inspection.

Enterprises in the zone can choose to have their products examined and inspected during the manufacturing process instead of going through inspections at the customs office.

Fang Baijian, head of the Nantong Customs, said his office will collaborate with authorities in the development park in working out more favorable policies to boost the zone's development.

Currently, the zone has 26 companies whose accumulated value of imports and exports totals $2.4 billion.

Another nearly 700 companies are engaged in the bonded logistic services in the zone.

Thriving growth

Established in 1984, the Nantong Economic and Technological Development Area, home to the current bonded zone , covers a total area of 146.98 square kilometers.

The area is among the first group of economic and technological development zones in China.

Thanks to the Suzhou-Nantong Bridge and the Chongming-Qidong Bridge, the area has been fully integrated into the one-hour economic circle of Shanghai.

It has grown into an advanced manufacturing base with support from foreign investments in the Yangtze River Delta.

Now, it is home to more than 700 foreign-funded enterprises, 60 of which are Fortune 500 companies.

They roughly fall into six major industries-modern equipment manufacturing, new materials, medicine, alternative energy, modern textiles and service outsourcing.

In 2012, the newly registered foreign capital in the area hit $800 million, of which the actually utilized amount reached $760 million.

Its imports and exports totaled $4.36 billion last year, an annual increase of some 3 percent.

In order to fuel its development, the area's administrative committee has promulgated a series of policies, including cutting administrative charges, extending financial support, and improving services.

One example is that foreign enterprises that have been established in the area for more than 10 years can enjoy some income tax rebates.

Another is a preferential policy to encourage research and development among local enterprises.

Officials say that the launch of the new bonded zone will further sharpen the competitive edge of the area.

Contact the writers at lifusheng@chinadaily.com.cn and dingcongrong@chinadaily.com.cn