New bonded zone approved in China's Guizhou

A bonded zone in southwest China's Guizhou Province has been approved by the State Council, China's cabinet, the provincial government said Monday.

Located in the Gui'an New Area, the zone will cover a total area of 2.2 square kilometers and will enjoy the same tax and foreign exchange polices as the Yangshan Free Trade Port Area, the country's first bonded port established in Shanghai in 2005.

It will be the second bonded zone in the province. Another went into operation last month in the provincial capital of Guiyang.

The Gui'an New Area, with a planned area of 1,795 square kilometers, includes 22 townships in four counties of Guiyang and the neighboring city of Anshun. It is one of five new areas in the five-year plan for 2011-2015 to promote development in western regions.