The bonded logistic park of ECOTIC Wuhan East Lake Comprehensive Bonded Zone, the imported goods bonded base in Wuhan, capital city of central China’s Hubei Province, is going to be operational next June, ECOTIC bonded logistic park announced on December 17, 2015.
Since Wuhan East Lake Comprehensive Bonded Zone Exhibition and Transaction Center put into operation last year, ECOTIC has opened another three branches in Wuhan downtown. In 2016, chain stores are expected to be opened in Xiangyang, Jingmen, Jingzhou, Yichang, and other prefecture-level cities in Hubei
The 300-mu bonded logistic park of ECOTIC Wuhan East Lake Comprehensive Bonded Zone, including a 4.5-square-meter "International Supermarket", Wuhan imported meat and fruits supervision area, an imported agricultural products transaction center and a cross-border trading platform, has started construction this year’s April.
It is estimated that Wuhan East Lake Bonded Zone will put the cross-border e-commerce into practice all round.
After the full implementation of cross-border online retail in Wuhan next year, the bonded logistic park will both become central China’s largest bonded cold chain storage and logistics platform and the largest professional public exhibition and transaction platform of meat and fruits, central China’s most significant Public operation platform for cross-border e-commerce, as well as the main trading platform to export agricultural and sideline products in China’s central region.
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1. What is a comprehensive bonded zone?
Established in inland regions, the comprehensive bonded zone is an area under special customs supervision, with function of bonded harbor area. In terms of relevant management provisions of the comprehensive bonded area, the customs implements taxation and foreign exchange policies of bonded harbor area in the comprehensive bonded zone.
The comprehensive bonded zone, integrating the functions of free trade zone, export processing zones, bonded logistics area, and port, is able to develop business like international transshipment, distribution, procurement, entrepot trade and export processing.
2. International Purchase in the comprehensive bonded zone
International Procurement refers to consolidating various cargoes from various suppliers in the logistics center, overseas delivering after picking and combination according to the customers’ order,which is appropriate for large-scale manufacturing enterprises, FMCG and retail industry to make procurement in China,as well as the needs of global distribution after integrating the goods purchased in China and overseas.
3. Three bonded areas under the direct administration of customs in Wuhan
Useful Info: Bonded areas in Wuhan (till 2015)
(1) Wuhan Dongxihu Bonded Logistic Center
Location: Dongxihu Airport Economic Development Zone
This center will be the largest bonded commodities trading platform in Central China, both online and offline. Customers will be able to enjoy 15% to 50% discounts at this facility. Veizen Wuhan Dongxihu Bonded Commodity Trading Center Co., Ltd. directly imports 95% of its goods. At the end of this year, two or three distribution centers for this trading center will be set up in downtown Wuhan.
(2) Wuhan East Lake Comprehensive Bonded Zone
Location: located at the east of Third Optics Valley Road at East Lake Development Zone, the south of Fifth High-tech Road, west of Sixth Optics Valley Road, and north of Shanghai-Chengdu Expressway,
It is a comprehensive functional area of the highest level of liberalization, most preferential policies and the most complete in the Mainland China. In March 2010, the provincial government filed "The Appeal on setting up Comprehensive Bonded Area in Wuhan East Lake High-tech Development Zone" to the State Council, and on Aaugust 29, 2011, the State Council formally approved the establishment of Wuhan East Lake Comprehensive Bonded Zone.
(3) Wuhan International Commodities Exhibition & Trading Center
Location: Wuhan Economic & Technological Development Zone
It is the third bonded store under the direct administration of customs after the Wuhan East Lake Free Trade Zone and Dongxihu Bonded Logistics Center. The new center covers an area of 8,000 square meters and is located at the intersection of Chechengnan Road and Chuangye Road next to the Wuhan Export Processing Zone. Tens of thousands of imported goods, including, beverages, fruits, beef and lamb, seafood, red wines, spirits, baby products, and much more, are available during the first phase.
The Ministry of Commerce forecasts that cross-border e-commerce will be worth 6.5 trillion yuan in 2016, accounting for 20 percent of the country's total foreign trade.
China's total cross-border e-commerce - inbound and outbound-will reach 5.5 trillion yuan this year, compared to 4.2 trillion yuan in 2014, More and more Chinese consumers becoming increasingly interested in purchasing imported products at competitive prices.
"It is a crucial time for the industry now. Only five years ago, China's logistics system was clearly lagging behind," said Xu Ping, general manager of HBLC. "Nowadays, we are much more experienced in this industry than our European counterparts. However, the industry still needs to make more investments to deal with the higher volumes".
Chinese netizens are expected to spend 1 trillion yuan in purchases of overseas goods in 2018, compared with expenditure of 140 billion yuan on imported products in 2014, according to the China E-commerce Research Center. (China Daily)
It is estimated that Wuhan East Lake Bonded Zone will put the cross-border e-commerce into practice all round.
After the full implementation of cross-border online retail in Wuhan next year, the bonded logistic park will both become central China’s largest bonded cold chain storage and logistics platform and the largest professional public exhibition and transaction platform of meat and fruits, central China’s most significant Public operation platform for cross-border e-commerce, as well as the main trading platform to export agricultural and sideline products in China’s central region.
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