The public bonded warehouse of Zhongding Logistics Park in Jinzhong city, North China's Shanxi province, recently passed the customs inspection process and officially opened on Sept 28.

The bonded warehouse covers an area of 2,100 square meters. It will take advantage of the railway-led multimodal transportation system at Zhongding Logistics Park, an important node of the China-Europe Express freight train network in Shanxi. The intention is to facilitate foreign trade companies in Shanxi to import goods.

Imported goods that have been approved by customs authorities to enter the bonded warehouse can postpone the payment of customs duties and value-added tax, which will help import companies in the province to reduce logistics costs and ease financial pressure.

Currently, Shanxi has seven bonded warehouses with a total area of 48,000 sq m. 

Zhang Guoqin, an official with Taiyuan Customs, stated that bonded logistics plays a positive role in promoting the development of Shanxi's logistics industry and export-oriented economy.

From January to August this year, the total freight volume of bonded warehouses in the province was 6.61 million metric tons, an increase of 15.23 percent year-on-year, and the value of goods was 4.02 billion yuan ($596.68 million), up 11.08 percent year-on-year.