Xiamen Xiangyu Free Trade Zone [Photo provided to chinadaily.com.cn]
Xiamen Xiangyu Free Trade Zone (XXFTZ, 厦门象屿保税区), covering an area of 0.63 square kilometers, was established in October 1992 with the approval of the State Council. It started operation in November 1993 and is the first area in Xiamen under the close supervision of the customs bureau. XXFTZ is also among the first group of zone-port interactive pilot areas approved by the State Council in August, 2004.
XXFTZ mainly engages in business related to international trade, such as import and export trade, bonded warehousing, bonded processing, and commodity exhibition. Favorable zone policies cover imports and exports, storage, taxes, foreign currency transactions, and processing. With over 20 years of development, it has become an exemplary model in expanding bonded logistics.
XXFTZ presses ahead in the spirit of reform and innovation and vigorously develops its modern logistics industry by making full use of its port operation, offering bonded warehousing and relying on third party logistics. Through continuous efforts, it has established cooperation and interaction with Taiwan and international logistics. The total import and export volume has reached US$ 55.1 billion, with an average annual growth rate of over 15%. More than 30 of the global Top 500 enterprises have set up factories in XXFTZ.