The first bonded warehouse in Karamay went through an inspection on Nov 5, 2015, the Karamay Daily reported.

The inspection was conducted by a team of customs officials from Urumqi and Shihezi in Xinjiang Uygur autonomous region. They examined the hardware facilities such as firefighting apparatus, monitoring system and storage area and concluded that they all met the standards required.

The bonded warehouse was established by a Karamay local enterprise, Karamay Jin Tai International Logistics Company, with a total investment of 1.5 billion ($230 million). The gross construction area of the warehouse exceeds 10,000 square meters.

It is exclusively used to store bonded goods approved by the customs. Imported goods can be temporarily stored in the bonded warehouses without paying taxes. Export certificates can be obtained for domestic goods stored in bonded warehouse.

Intermediary trading can also be conducted within the bonded zone in Karamay.

In recent years, foreign trade-related activity has developed rapidly in Karamay. More companies bid for foreign trade qualifications to get involved in foreign trade activities. The bonded warehouses can reduce clearance costs and help expand export and import business.

Edited by Mevlut Katik