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Wenzhou Comprehensive FTZ Officially Approved
【Fonts: Large Medium Small 【Source: Wenzhou·China 【Date: 2020.03.16】

It was learned from the Port Office of Wenzhou Municipal Government Office and Wenzhou Customs on March 12th that the State Council had officially approved the establishment of Wenzhou Comprehensive Free Trade Zone (FTZ), which marked an important step Wenzhou took in further opening up.

Located in the Oujiangkou Industrial Agglomeration Area, Wenzhou Comprehensive FTZ, with a planned area of 1.44 square kilometers, is an expansion and upgrade of Wenzhou Bonded Logistics Center (Type B). Led by the Port Office of Wenzhou Municipal Government Office, Wenzhou Customs, and the Management Committee of Oujiangkou Industrial Agglomeration Area, and assisted by multiple departments like Wenzhou Municipal Commission of Development and Reform, Wenzhou Finance Bureau, and Wenzhou Bureau of Commerce, Wenzhou  Comprehensive FTZ who started application in February 2019 stood out from its competitors to first complete the joint review by eight national ministries and commissions and pass the approval of the State Council. At present, the focus of Wenzhou Comprehensive FTZ has shifted from examination and approval to investment promotion and construction. It is expected that the FTZ will go through check before acceptance and be open for formal operation within one year.

Wenzhou is one of the cities in Zhejiang with complete categories of open ports, rapid growth of port traffic and perfect port infrastructure. It has formed a new pattern of all-round and multi-level opening up of sea, land, air and mail ports, and the railway port is also under construction. In March 2017, Wenzhou Bonded Logistics Center (Type B) was put into operation; in December 2017, Wenzhou International Cruise Port officially opened; and in November 2018, Wenzhou (Lucheng) Market Procurement Trade Mode Pilot was launched. Those achievements show that Wenzhou has been accelerating its pace in opening up in recent years, with more and more new platforms for opening up.

A comprehensive FTZ is a special customs-supervised area in China with the highest level of opening up, the most preferential policies, the most complete functions and the most streamlined procedures. At the beginning of 2019, the State Council issued Several Opinions on Promoting the High-level Opening up and High-quality Development of Comprehensive Free Trade Zones, proposing 21 measures to promote the development of each comprehensive FTZ into a processing and manufacturing center, R & D and design center, logistics distribution center, inspection and maintenance center and sales service center with global influence and competitiveness. According to current policies, the customs implements closed management of comprehensive FTZs. Foreign goods entering an FTZ will be bonded or duty-free, while goods getting out of an FTZ for sales in the country shall go through customs declaration formalities according to relevant provisions on import of goods. Meanwhile, goods in the country getting into an FTZ shall be deemed as export, which will receive tax refund, and goods transactions between enterprises in an FTZ shall be exempt from the value-added tax and consumption tax. Wenzhou is a newly approved pilot city of cross-border e-commerce retail import this year. Its enterprises in the comprehensive FTZ can enjoy the tax policy of cross-border e-commerce retail import if they carry out cross-border e-commerce online purchase bonded import business.

“Wenzhou is best positioned for its developed private economy and its Wenzhouese business network that covers the whole country and connects the world,” said an officer from the Port Office of Wenzhou Municipal Government Office, “various sectors in Wenzhou, especially the vast number of private enterprises, have high expectations and big needs for the establishment of a comprehensive FTZ.” Wenzhou Comprehensive FTZ will give full play to its geographical and policy advantages to carry out businesses like bonded processing, bonded logistics and bonded services, and prioritize the development of industry projects including modern logistics, advanced manufacturing, strategic emerging industries and new bonded services. With the focus on a cluster of export-oriented key projects, it will serve as a bridgehead for Wenzhou’s new high in opening up, and actively promote Wenzhou’s construction of the Pilot Zone for the Healthy Development of Private Sector Economy and Entrepreneurs in the new era and the national independent innovation demonstration zone. Being an open platform, the FTZ will become strong support for Wenzhou’s high-level opening up and high-quality development.

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