Zibo Comprehensive Bonded Zone posts foreign trade growth

The Zibo Comprehensive Bonded Zone – located in Zibo city in East China's Shandong province – reported total imports and exports worth 1.8 billion yuan ($260 million) in the first quarter of 2023.

That performance represented a year-on-year increase of 5.8 percent, according to Chen Zhan, deputy director of the zone's development service center.

After several years of development, the zone has become the province's largest comprehensive bonded zone with the most investment – 4.9 billion yuan – and the fastest speed in development.

Since its establishment was approved by the State Council in 2020, the Zibo Comprehensive Bonded Zone has been promoting the growth of its foreign trade through a raft of policies and measures.

Platforms facilitating cross-border e-commerce business, industrial exhibitions, as well as commerce and trade, have been launched to innovate its business model and to expand channels for its foreign trade.

The zone has also upgraded its port functions by advancing the construction of the Luzhong International Land Port. The project was proposed by the municipal government in 2020, with the aim of better integrating the city with the global market.

As an ancient city, Zibo is taking full advantage of its rich cultural and historical resources and has rolled out a range of measures to galvanize the export trade in cultural products.

Furthermore, the municipal commerce bureau has helped local time-honored brands to expand their presence at exhibitions and trade fairs at home and abroad.

In addition, the government has optimized its administrative services – for such things as policy interpretation, business training and mentoring – and offered loan guarantees to support foreign trade enterprises.

"Our exports soared from 150 million yuan in 2019 to 500 million yuan in 2022, which grew by three times from the level in 2018," said Lu Jianping, general manager of the vehicle business of Odes Industry Co, Ltd. The company settled in the zone in 2018.