The new trade functional area began operations in the Chongqing Lianglu Cuntan Bonded Port recently. [Photo/liangjiang.gov.cn]

The Lianglu Cuntan trade functional area passed its national acceptance and commenced operations on April 16, becoming the only functional trade area in China's central and western regions, according to Chongqing Daily.

"The operation of the Lianglu Cuntan trade functional area signifies that Chongqing Bonded Port will take a lead in integrating the foreign and domestic trade markets," said a senior from the Chongqing Lianglu Cuntan Bonded Port.

Taking advantage of policies, the Lianglu Cuntan Bonded Port will develop its trade and finance industries and realize the interaction between trade functional areas and other areas in the bonded port.

According to Xiao Zhongping, vice manager of the Chongqing Bonded Port Development Company, the trade functional area will promote the development of an exhibition commodity trade center and cross-border ecommerce.

The operation of the trade functional area will also benefit enterprises based in the bonded port. "At present, the annual sales volume of our company is around 200 million yuan ($32.30 million) and we will strive to reach 500 million yuan in the future," said a senior staff member from the Chongqing Feiliks Logistics Company. In addition, Feiliks plans to start new business, such as the import and export of machinery and electronic products.

"Liangjiang has to adapt to China's 'new normal' of slower economic growth and promote its functional construction to accelerate the opening-up of Chongqing," said Tang Zongwei, deputy secretary of the Liangjiang administrative committee.

?Edited by Jacob Hooson