CHINA'S State Council has approved to set up the mainland's third bonded port in Dayao Bay of Dalian, Liaoning Province.

The port will help the city absorb more foreign investment.

The approval will accelerate the country's goal of establishing three international shipping hubs during the 11th Five Year Plan period (2006-2010), and the other two are in Tianjin and Shanghai.

The 6.88-square-kilometer port will focus on seven aspects, including international transfers, international distribution and international export procurement and the processing exports.

The government will grant the port preferential policies and a competitive tax system.

The State Council has also approved Tianjin's bid to set up the mainland's biggest bonded port in the Donggang area, at 10-square-kilometers.

The first phase of the Shanghai Yangshan Deep-Water Port was put into use from December 10 last year, which is expected to handle 3 million TEUs this year.

The Yangshan Deep-Water Port will help Shanghai handle 21 million TEUs this year, ranking the third in the world after Singapore and Hong Kong.

Source:佚名