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Beijing airport gets free trade zone
(Xinhua)
Updated: 2005-12-29 11:23
China is building its first airport free trade zone within the Beijing
Capital International Airport, a move that is expected to sharpen the country's
competitive edge in logistics.
Beijing-based Capital Airports Holding Co. (CAH) has launched the design of
the bonded area and its first phase, covering two square kilometers, will be put
into service in 2008, China Daily reported Thursday.
The entire zone, expected to span 6 sq km, will be completed in 2010, Liu
Zhiqiang, director of CAH's department of planning and development, is quoted as
saying.
He noted that CAH is trying to attract private and international capital to
help finance the project.
A free trade zone, or bonded zone, allows companies to ship various types of
merchandise into the country without going through formal customs entry
procedures or paying import duties. The zone is appealing to importers who can
defer paying dues
and thus increase profits.
CAH is China's largest airport group. It controls and holds stakes in more
than 20 Chinese airports.
Beijing Capital International Airport, fully owned by CAH, is China's busiest
airport. Its annual passenger traffic exceeded 40 million last Thursday, making
it the world's 20th largest airport in terms of passenger traffic
capacity.
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