The State Council recently approved the establishment of an airport comprehensive free trade zone in Qingdao.

It was Shandong's 14th comprehensive bonded zone, and the province's first airport-based comprehensive bonded zone. In the seaside city of Qingdao, it is the fifth comprehensive bonded zone. 

Customs officers inspect supervision equipment at a checkpoint in the Qingdao Airport Comprehensive Bonded Zone. [Photo/Guanhai News]

The airport comprehensive bonded zone is located in the northwest area of the Qingdao Jiaodong International Airport, and it is connected with the cargo area of the airport.

Focusing on attracting industries related to aviation, the zone will develop businesses such as aviation R&D and maintenance, bonded aviation equipment trade, bonded manufacturing, cold-chain logistics, cross-border e-commerce, and international financial settlement.

According to Qingdao customs authorities, the comprehensive bonded area is the highest form of special customs supervision areas, which has the highest level of opening-up, the most preferential policies, the most complete functions and the most simplified procedures. It has become an important carrier and platform for China's opening-up and an important driving force for the high-quality development of foreign trade.

An aerial view of the Qingdao Jiaodong International Airport [Photo/IC]

After the completion of the Qingdao Airport Comprehensive Bonded Zone, it will become a comprehensive airport customs special supervision area integrating port customs clearance and bonded services.

The zone will be of great significance for Qingdao to deeply integrate itself into the construction of the Belt and Road, as well as to promote international cooperation under the Belt and Road Initiative.

It will also play an important role in promoting the development of the China-SCO demonstration zone and speeding up the construction of a Qingdao international shipping hub.