The Ningbo Bonded Area (宁波保税区) was approved by the State Council and established in November, 1992. Divided into east, west and south sections, it covers an area of 2.3 square kilometers.
The Ningbo Export Processing Zone (宁波出口加工区) was set up in June, 2002, with a planned area of three square kilometers. During the first phase of its development, an area of two square kilometers was constructed and started operation in October, 2003.
In August, 2004, Ningbo was approved as the pilot spot of the Zone-Port Interaction Project. The Ningbo Bonded Logistics Park (宁波保税物流园区) was established accordingly with a planned area of 0.95 square kilometers and passed check by the national inspection team on August 30, 2005.
The Ningbo Bonded Area and Ningbo Export Processing Zone share common functions and policies while retaining their special advantages. Both of the zones enjoy the policy of "free license, free duty and bonded duty" and are under special supervision of the Customs, and both are among the most open economic regions with the most preferential policies in China.
The Ningbo Bonded Area has three major functions: import and export processing, international trade, and warehousing and logistics services, while the Ningbo Export Processing Zone specializes in export processing.
The Ningbo Bonded Logistics Park mainly functions as a logistics center and also enjoys the policy of "free license, free duty and bonded duty", as well as tax rebates upon entry of domestic goods into the logistics area.
By exercising unified administration, enjoying the complementary advantages of functions and policies, and improving interactive industry, the Ningbo Bonded Area and Ningbo Export Processing Zone have some of the best investment environment and most integrated functions in the Chinese mainland. The administrative committees of the two zones jointly handle official affairs on behalf of the Ningbo government. The Ningbo Bonded Logistics Park is also under the administration of the Ningbo Bonded Area administrative committee.
To date, over 5,000 enterprises with a total registered capital of over $4 billion have been settled in Ningbo Bonded Area (Ningbo Export Processing Zone) by investors from nearly 40 countries and regions. Foreign-funded enterprises total 855, with a contractual investment of $2.9 billion. Hi-tech projects numbering 171 have been introduced, with an investment amounting to $2.43 billion.
The zone also accommodates the first industrial clusters of computers, semiconductors, photo electronic devices, precision machinery, and software, as well as a returnees' innovation center and areas for international trade, warehousing and logistics services.
In May, 2005, the Ministry of Information and Industry granted approval to Ningbo Bonded Area (Ningbo Export Processing Zone) to set up the National (Ningbo) Integrated Circuits Industry Park (国家(宁波)集成电路产业园). Since then, Ningbo Bonded Area (Ningbo Export Processing Zone) has become a highlight in the development of hi-tech industry in east China and an important logistics distributing center of import and export products.
Official website: http://www.nftz.gov.cn/en/