A bonded warehouse and a supervised exports warehouse in Yongwang International Logistics Park in Dingxiang county, Xinzhou city, Shanxi province, opened on Jan 16 with the first exports –– flanges –– transported to Indonesia.

The two warehouses, with an investment of 98 million yuan ($15.31 million) by Shanxi Yongwang Energy Group Logistics Co, have a floorage area of 1.4 hectares. The items in storage consist of industrial products such as flanges, forging pieces and gear wheels, as well as farm produce.

Comprehensive services including bonded storage, simplified processing and customs brokerage are being offered by the two warehouses to companies in Dingxiang county and beyond.

The warehouses are foreign trade storage facilities approved by the General Administration of Customs and Xinzhou city's (including Dingxiang county) first foreign trade window, improving the situation for trade processing companies who have lagged behind in terms of development due to the small production scale, lack of communication with international partners, and skilled workers.

As the two operate, local companies can take advantage of quality overseas raw materials to improve the quality of exports and their international competitiveness. Local trade processing and import business will be developed and the foreign trade structure will be further optimized.

In addition, imported goods in the bonded warehouse will enjoy many preferential policies including tax exemptions on entry port trade. Goods stored in the export supervised warehouse will be designated as exports and companies can handle customs formalities in a timely fashion, accelerating capital turnover and reducing logistics costs.

Covering a planned area of 2.03 square kilometers, Yongwang International Logistics Park is the largest professional logistics park in northern Shanxi. The park, with an investment of 3.5 billion yuan, includes facilities such as a foreign trade service center, bonded logistics center, and a cross-border e-commerce industrial park.

An opening ceremony for a bonded warehouse and an export supervised warehouse in Yongwang International Logistics Park takes place in Dingxiang county, Xinzhou city, Shanxi province, Jan 16. [Photo/news.cn]

Zhang Shengming, a top official of Dingxiang county, hosts the opening ceremony on Jan 16. [Photo/news.cn]