Shanghai: Chongqing, the world's largest municipality located in Southwest China plans to apply for building the first bonded port area in inland China and the fourth one in the country.
China has granted Shanghai, Tianjin and Dalian to build free trade areas since June 2005.
'90% of the foreign-traded goods in Chongqing are transported through waterway and local exporters have to ship goods to Shanghai Yangshan Port for rebate procedure and then ship back the goods before actual export. This process costs huge time and money. So exporters are longing for the bonded area in the city,' local media reported.
Ports in Chongqing handled 54.2 million tons of cargo and 340,000 teu in 2006 and the city will invest CNY 41.03 billion in the infrastructure of waterway transportation between 2006 and 2010. Danish giant Maersk will help the port achieve its aims, having signed a letter of intent on cooperation with Chongqing Port Logistics (Group) Co. Ltd on September 23rd to jointly develop Cuntan Port into a duty-free port. Maersk hopes to directly invest in the Cuntan Container Terminal as soon as possible, and participate in its operation, said the company's Vice President. Maersk presently accounts for 20% of Chongqing's foreign trade container market. [25/09/07]
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