The State Council has recently approved the establishment of the Quzhou Comprehensive Bonded Zone, marking a wider opening-up of Quzhou and the 12th comprehensive bonded area in East China's Zhejiang province.

Located in the Quzhou Intelligent Manufacturing New City, the bonded zone plans to cover an area of 1.11 square kilometers.

The zone will focus on bonded processing and services, while also supporting bonded logistics, research and development, and exhibition and trade functions. It aims to become a hub for new energy, new materials, and intelligent manufacturing.

The establishment of the bonded zone is expected to provide companies with more favorable and convenient customs clearance, attract foreign trade and investment, boost import and export growth, and develop advanced manufacturing and industry upgrades.

A rendering of the Quzhou Comprehensive Bonded Zone. [Photo/Tide News]

Quzhou's strategic location at the intersection of Zhejiang, Fujian, Jiangxi, Anhui provinces and its developed transportation network will facilitate the bonded zone's operations, according to Jiang Yixiang, deputy director of Quzhou Customs.

The bonded zone's development will also depend on Quzhou's strong industrial base. The city has established six key industry value chains, including new materials, new energy, integrated circuits, high-end equipment, life health, and specialty paper.

In 2024, these industries had a combined output of 206.1 billion yuan ($28.36 billion), with new materials alone nearing 100 billion yuan.

As of last year, Quzhou had trade relations with 213 countries and regions, and 1,438 local companies were engaged in foreign trade.