What does the so-called bonded area mean?

Bonded area; Low taxes; Duty-free zone; Duty-free zone)

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Bonded area is also called bonded warehouse area. This is an area established by the customs of a country or registered with the approval of the customs, supervised and managed by the customs, and can store goods for a long time. Bonded area can facilitate entrepot trade and increase the income of related expenses. Goods brought into the bonded area can be stored, modified, classified, mixed, exhibited and manufactured, but they must be within the scope of customs supervision. Foreign goods stored in the bonded area can be exported freely, without paying import duties, only paying storage fees and a small amount of fees, but if they want to enter the customs territory, they need to pay customs duties. Free trade zones in different countries have different time regulations. If the overdue goods have not gone through the relevant formalities, the customs has the right to auction them. After the auction, after deducting relevant expenses, the balance will be returned to the owner.

Also known as bonded warehouse area, it is an economic area approved by the State Council and subject to special supervision by the customs. It is the economic zone with the greatest openness and freedom in China at present. Its function is defined as "bonded warehousing, export processing and entrepot trade". According to the current relevant policies, the customs implements closed management of the bonded area, and foreign goods enter the bonded area to implement bonded management; Goods entering the bonded area from other parts of China are deemed to have left the country; At the same time, foreign trade and economic cooperation, foreign exchange management and other departments also implement preferential policies relative to those outside the bonded area.