News

September 03, 2018

Bonded zone to build new platforms for certain industries

Shanghai Waigaoqiao Bonded Zone, one of the four bonded areas in China (Shanghai) Pilot Free Trade Zone, is building professional trading platforms for industries including culture, intelligent manufacturing, medical facilities, cars and cosmetics.

A bonded zone is an area used to store goods which is often subject to lower or no tariffs.

Shanghai Free Trade Zone International Artwork Exchange Center, which has been running for four years, is a platform that provides storage and logistics services for cultural and art products. It simplifies the procedures of artworks' customs clearance, exhibition and sale.

According to Hu Linzhong, vice general manager of Shanghai Waigaoqiao Free Trade Zone Group Co, the center is now constructing an international artwork bonded service center, which is likely to be put into use within this year.

The more than 50,000-square-meter warehouse, which will be built to international standards, will have public spaces and more than 100 VIP rooms with constant temperature and humidity, safe boxes for paintings, plus coffers and storerooms for other collections. It will have six layers of security and 1-meter-thick outer walls.

The International Cosmetics Display and Trade Center, opened in July last year, echoed the new policy of “filing non-special cosmetics” which was issued four months earlier. The policy recomposed the previous regulations that required a lengthy examination and approval procedure before an imported product could be officially launched in China.

Instead of a three month waiting time in the past, the new rule allows cosmetics companies to obtain credentials within five workdays of filing product information with related departments. However, according to the deputy director of the Pudong New Area’s Administration for Market Regulation, Shen Jianhua, the filing policy will never shake high standards required for safety.

Tu Chunyi, who is in charge of L'Oreal’s product safety and legal issues in the Asia-Pacific region, told media that her company was one of the first to benefit from the policy. “Now seasonal products such as special Christmas releases can appear on the Chinese market right on time,” she said.