The second bonded area in Shandong Province has been formally set up thanks to official endorsement from the State Council.
Yantai Port Bonded Area covers an area of 726 hectares, providing nine functions including development and research, logistics and foreign trade.
According to Zhou Bo, CEO of Yantai Port Group, Yantai’s role as the leading port around the Bohai River will be further consolidated with the operation of the bonded port.
It will simplify the procedures of entering and leaving the port for shipping lines from home and abroad turning over loads there, Zhou added.
"Yantai bonded port is competitive among ports around Bohai and northeast Asia. It is expected to become a key transferring hub of Northeast Asia” said Yu Dong, head of the Yantai Foreign Trade Bureau.
Editor Li Jing
By Zhan Ruiwan (China Daily Shandong Bureau)