Jinyi bonded zone sees trade volume rise 386% to $2.6b

When entering the warehouses of Jinyi Comprehensive Bonded Zone in eastern China's Zhejiang province, the first thing that catches visitors' eye is packed cotton yarn that are ready to be supplied to more than 40 enterprises, a crucial part of imported raw materials in the real economy.

Other things ready to be transported include electrolytic copper, which can be delivered to companies in Jinhua, a city in eastern China's Zhejiang province, within two or three hours.

The comprehensive bonded area, which can store 3 to 5 tons of imported goods for enterprises, helps companies achieve zero inventory and greatly reduce their storage costs.

By July 1 of this year, the total import and export volume of Jinyi Comprehensive Bonded Zone exceeded $2.6 billion, a rise of 386.52 percent year-on-year. And the import and export volume has doubled for three consecutive years. At present, it includes 132 enterprises with trading partners in more than 100 countries and regions around the world.

As an important platform of Jinyi Sector of the China (Zhejiang) Pilot Free Trade Zone, Jinyi Comprehensive Bonded Zone focuses on developing "four major fields" of cross-border e-commerce, bulk commodities, cold chain logistics and bonded processing. Among them, cross-border e-commerce is the main priority.

By vigorously promoting the pilot reform of "national customs clearance integration" and "two-step declaration", Jinyi Comprehensive Bonded Zone has achieved 0.16 seconds per order and 30 seconds per vehicle. The efficiency of its custom clearance is best in Zhejiang province.

By May 31, 6.48 million cross-border postal parcels had left the zone this year, an increase of 4.6 times year-on-year. In the first half of 2021, the import and export of bulk commodities in Jinyi Comprehensive Bonded Zone hit $1.6 billion, which is expected to exceed 3 billion in the whole year, greatly reducing the storage cost of enterprises and alleviating the burden on them.

The development of Jinyi Comprehensive Bonded Zone not only reflects the situation in Jinyi New Urban District, but also is a microcosm of Jinyi Sector of the China (Zhejiang) Pilot Free Trade Zone. The implementation scale of the free trade zone is 35.99 square kilometers, including three blocks.

Li Xiongwei, secretary of Jindong District Party Committee, said that 2021 is a year of all-round development for the construction of Jinyi Sector of the China (Zhejiang) Pilot Free Trade Zone and Jinyi New Urban District. More and more local people have transformed their identity from "villagers" to "citizens", just like the rising road of Jinyi New Urban District from "Village" to "New City".

Since the establishment of Jindong District in 2001, the GDP of the whole district has tripled up to the end of last year. The total fiscal revenue has increased by more than 30 times, and the per capita disposable income of urban and rural permanent residents has risen by 4.5 times and 7.5 times, respectively.

Wang Hao contributed to this story