SINGAPORE—An opening ceremony was held Tuesday to celebrate the first phase operation of China’s largest bonded harbor area—Dongjiang Bonded Harbor Area in Tianjin, indicating China’s further strategic opening-up to the outside world.

Set in Tianjin Harbor and the Bohai-rim region, the Dongjiang Bonded Harbor Area is the second official bonded harbor area after the Shanghai Yangshan Bonded Harbor Area. It is also the largest one to date.

Compared with bonded area, bonded harbor area enjoys more favorable policy in taxation and foreign exchange, and is expected to be the most special free-trade economic region.

The bonded harbor area is an integration of the former bonded zone, logistic center and export processing bases in the harbor area, and aims to provide com- prehensive services up to international standard.

With an investment of RMB6.6 billion, the first phase project includes warehouses, container terminals, processing and logistic zones. The whole project is expected to be operational by 2010, and will realize a capacity of handling 4 million containers per year.

The new bonded harbor area is in line with the central government’s plan of developing Tianjin Binhai New Zone as a pilot area for many of China’s new economic and financial policies.  (Bloomberg)

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SINGAPORE—An opening ceremony was held Tuesday to celebrate the first phase operation of China’s largest bonded harbor area—Dongjiang Bonded Harbor Area in Tianjin, indicating China’s further strategic opening-up to the outside world.