NORTHERN China port city Tianjin has been given green light by the Chinese government to set up an integrated bonded area in the Tianjin Binhai New Area, Xinhua reported.
The integrated bonded area, where the Airbus A320 China assembly facility is located, is inside Tianjin Port Free Trade Zone's Airport Logistics Park, covering a space of 195.6 hectares.
The Tianjin Port Free Trade Zone Administrative Committee said the integrated bonded area will be one of the bonded areas in mainland that has the widest range of functions and enjoys most preferential policies.
According to the government approval letter, the integrated bonded area will have the same functions as well as the same tax and foreign exchange policies as the bonded port areas do.
A bonded port area, according to Xu Fu, a world economy and trade expert from China's Nankai University, is similar to free ports in other parts of the world.
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