Beijing: The Chinese government has announced the launch of the Dayaowan Bonded Harbor Area in the north-eastern city of Dalian, which will boast preferential tax rates. The area is to be part of the proposed free trade zone between China, South Korea and Japan, and will feature the removal of foreign cargo tariffs and introduction of tax rebates for domestic cargo, amongst other benefits. "It will also exempt businesses from value-added taxes and consumption taxes if they trade with each other," said Zhang Shikun, director of the Dalian bonded area administrative committee.
"The internationalisation of Dalian has been largely due to Japan and Korea, and Dalian has every advantage for building a free trade zone in northeast Asia," Xia Deren, mayor of Dalian told the China Daily. "We expect to develop an area of about 50 sq km surrounding the Dagushan Peninsula into a free trade zone on the basis of the Dayaowan bonded harbour area."
The free trade zone, which has already seen over $26.2m in investment for the first phase, scheduled for completion this year. Dalian, the seventh largest port in China, handled 200m tonnes of cargo and 30m containers in 2006. [29/06/07]
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