Urumqi Comprehensive Bonded Zone passed the national inspection on Dec 30, becoming the third bonded zone in Xinjiang Uygur autonomous region.
The Alashankou Comprehensive Bonded Zone, the first in Xinjiang, started operations in June 2014.
With an investment of 2.1 billion yuan ($303 million), construction has now been completed on the Urumqi Comprehensive Bonded Zone, and work has started on the 250,000-square-meter international trade zone, which will act as a supporting area for the bonded zone.
Once completed, the zone will serve as a comprehensive platform for bonded processing and logistics and customs clearance operations, and is expected to develop into a hub for modern trade, high-end manufacturing and financial services in West China.
According to an official from Urumqi, the bonded zone is expected to play a significant role in the city’s economic development.
“It will promote the upgrading of regional industry and create more job opportunities,” said the official.
The bonded zone has held some investment promotion conferences in various countries including Kazakhstan and Kyrgyzstan. More than 30 enterprises have already expressed interest in setting up branches in the zone.