Innovation cutting costs in China's top port city

Shenzhen Customs has taken innovative measures to lower costs for import and export companies.

It has launched experimental pilots to diversify the channels for customs guarantees and lower the financing and tax costs for companies as a result, according to Shenzhen Customs, which oversees the customs offices in both Shenzhen and neighboring city Huizhou.

On Oct 13, it received the first customs guarantee of 30 million yuan ($4.3 million) from the financial arm of TCL Group, a Huizhou-based business conglomerate focused on smart product manufacture and internet application services, to render the guarantee for one of its subsidiaries in home appliance production.