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Yiwu Comprehensive Bonded Zone Develops
义乌综保区累计实现进口额150亿元

发布时间: 2022-11-04

Since its official start on October 22, 2021, Yiwu Comprehensive Bonded Zone, with a bonded storage area of more than 210,000 square meters, has attracted 46 companies to settle in the zone, and achieved an accumulated import volume of 15 billion RMB. According to the ranking of import volume in the first half of 2022 released by the General Administration of Customs, Yiwu Comprehensive Bonded Zone ranked 53rd among 168 comprehensive bonded zones in China, ranking first among those approved in 2020. Yiwu Comprehensive Bonded Zone has become a comprehensive platform for the symbiotic development of bulk commodities, general trade, cross-border e-commerce, and other industries in Yiwu.

“The establishment of a comprehensive bonded zone in Yiwu was good news for local companies, and local companies can benefit from the reform of the China (Zhejiang) Pilot Free Trade Zone,” said Ji Weiting, spokesperson of Yiwu You’ou Supply Chain Co., Ltd. The company officially settled in Yiwu Comprehensive Bonded Zone in March 2022. In just half a year it has developed into a comprehensive foreign trade company, with business ranging from cross-border e-commerce imports and general trade imports to e-commerce platform operation and operation of physical stores. In the first nine months of this year, the company’s volume of cross-border e-commerce imports exceeded 45 million RMB.

In order to take advantage of the reform of the China (Zhejiang) Pilot Free Trade Zone and make full use of the favorable policies of the comprehensive bonded zone, the management committee of Yiwu Comprehensive Bonded Zone and the companies in the Zone, together with Yiwu Customs, have implemented many measures for business cultivation and regulatory innovation.

For example, in terms of cross-border e-commerce, Yiwu Customs has for the first time launched the model where a central warehouse is established for receiving the return of goods of cross-border e-commerce retail imports. This is a key project for Yiwu Customs to promote the operational experience of the China (Zhejiang) Pilot Free Trade Zone in 2022. “The model has been welcomed and recognized by cross-border e-commerce companies. Since its establishment at the beginning of 2022, four companies in Yiwu Comprehensive Bonded Zone have participated in its pilot operation, and the warehouse has received a total of 79,000 returns,” according to Chen Yangjun, spokesperson of the Station Operations Department of Yiwu Comprehensive Bonded Zone. At the beginning of this year, the Cainiao Bonded Livestreaming Alliance was officially launched, showing that Yiwu Comprehensive Bonded Zone has begun to develop livestreaming for the sales of goods from bonded warehouses.

As for bulk business, the China Railway Express trains bring bulk products from countries along the Belt and Road back to Yiwu through their return trips, such as electrolytic copper from Kazakhstan and cotton yarn from Uzbekistan. After arriving at Yiwu Comprehensive Conservation Zone, the bulk products are transported to industrial bases in Zhuji, Yongkang, Jiangxi, and other cities and provinces.

Regarding financial innovation, Yiwu Comprehensive Bonded Zone has built a regional financial service platform for the supply chain. Cooperating with Yiwu Customs, the Bonded Zone guides companies to apply for customs guarantees in a variety of ways, which solves the difficulties of local small- and medium-sized companies such as capital pressure, promotes the development of bulk factoring and inventory pledges, and helps to create a good environment for the capital use of companies in the zone.

In terms of regulatory innovation, Yiwu Customs has carried out a pilot application of barcodes for cross-border e-commerce retail imports. Barcode verification helps Yiwu Customs to guide companies to operate their business legally and in compliance with all regulations. (Wu Fengyu – Yiwu Business Daily, translated by Jin Haiqiong, edited by Kendra Fiddler)

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