China plans to turn its bonded zones into free trade zones in the future, according to recent national conference on the issue.
The meeting, held in Tianjin, north China, was attended by officials from a number of central departments responsible for economic, foreign trade and financial matters as well as economic reforms.
The participants agreed that China's entry into the World Trade Organization (WTO) has brought about new challenges and opportunities to local bonded zones.
Representatives from the Dalian Bonded Zone said they are ready to turn the zone into the first free trade zone in northeast China. Officials from bonded zones of Shanghai and Tianjin municipalities also expressed their plans to adopt free trade zone policies and measures.
Currently, there are 15 bonded zones throughout the country.
(People’s Daily, February 11, 2002)
