Tianjin launches free trade area

TIANJIN: The country's largest free trade harbor area, offering the most preferential tax treatments available, began operations in this northern port city yesterday.

Dongjiang Bonded Harbor Area, located in the Bohai-rim region near Beijing, "is regarded as a pilot for reforms and renovations to promote the opening-up drive", Li Kenong, deputy chief of China Customs, said at the inauguration ceremony.

The area will provide favorable tax and foreign exchange policies and offer comprehensive international shipping, distribution, purchasing, transit trade and export processing services, Li said.