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New comprehensive bonded zone approved in East China

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Via China Daily

Merchants and buyers were queuing to enter the Yiwu International Trade Market on Feb 18. [Photo provided to]

HANGZHOU — The State Council has approved to set up a comprehensive bonded zone in the city of Yiwu, East China’s Zhejiang province, the provincial department of commerce said on Tuesday.

The zone, covering 1.34 square kilometers, will be a new platform for the city’s high-quality opening-up and development, according to the department.

Taking advantage of the location and policies, the zone will focus on modern logistics, advanced manufacturing, strategic emerging industries, and other industries.

Yiwu is home to the world’s leading small commodities market. In 2019, there were more than 1.4 million non-natives and 15,000 overseas businesspeople in the city.

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