An aerial view of Hangzhou Comprehensive Bonded Zone in Xiasha district in Hangzhou, Zhejiang province [Photo/Xinhua]

A bonded zone has been approved by the General Administration of Customs in Xiasha district in Hangzhou, Zhejiang province and will be put into operation, local media reported on July 24.

Hangzhou Comprehensive Bonded Zone, the first of its kind in Hangzhou, passed provincial inspection on June 11.

Officials said that as an area with the highest levels of customs supervision, Hangzhou Comprehensive Bonded Zone enjoys a great level of openness, preferential policies, functions and simplified procedures.

"Policies such as bonded research and development, bonded maintenance, and authorized processing are now available to companies, providing us with a broader space for development in the future," said an executive at a semiconductors company from the zone, adding that his firm could now conduct independent R&D and industrialize its products.

Aiming to build a world-class bonded area featuring international industries, modern infrastructure and intelligent management, Hangzhou bonded zone has stepped up its efforts to upgrade infrastructure, information and supervision facilities.

"The only imported meat inspection site in Hangzhou has been basically completed and will apply for inspection and approval from the Hangzhou Customs and General Administration of Customs in August," said an official from the zone.

Officials said the area would further open up and actively integrate into the national Belt and Road Initiative and the construction of the eWTP -- the Electronic World Trade Platform, an initiative first proposed by Alibaba co-founder Jack Ma in 2016 -- by leveraging regional advantages in imported meat inspection sites and inspection and quarantine services in the biomedicines industry.