The local government of Ma'anshan city, Anhui province announced on Tuesday the State Council, China's cabinet, has approved the establishment of a bonded zone in Zhengpu Port.
The approval is the third of its kind that has been given to the province. Hefei, capital of the eastern Chinese province, and Wuhu, a city about 45 km away from Ma'anshan, have already had their bonded areas.
Covering an area of over two square kilometers, the zone is designed for customs clearance, bonded processing and bonded logistics.
As of Oct 18, the zone attracted nine entrants with a total capital of $4.16 billion, according to the municipal government. Once it is completed, those companies will be exempted from paying 926 million yuan of taxes.
As the third largest deepwater port along the Yangtze River, Zhengpu handles 100 million tones of cargo at most.