China Vice PM stresses development of bonded areas

Chinese Vice Premier Wang Yang on Tuesday urged more efforts to promote the development of specially-supervised bonded zones to boost trade growth.

"The country should strive to promote the development of customs special supervision areas to provide new impetus to trade stabilization and economic restructuring," Wang said at a conference held in Chongqing.

Since 1990, China has established over 100 customs special supervision areas, including bonded zones, cross-border industrial zones and export processing zones, to facilitate cross-border trade and economic development.

China will integrate those special zones to facilitate and encourage trade in key areas such as the high-tech and high-value added sectors, according to a circular issued by the State Council.

Export processing zones, bonded logistics parks, cross-border industrial zones and the newly-established special supervision areas will be integrated under the umbrella term "comprehensive bonded zones."

Wang said the government supports the central and western regions to set up new bonded areas to help with the transfer of processing trade to those regions.

The vice premier also encouraged local governments to make innovation in policies to resolve common problems restraining development.

In the first eight months of 2015, China's foreign trade slipped 7.7 percent year on year due to sluggish external demand, customs data showed.