Qingdao Qianwan Bonded Port Area, the eighth of its kind in China's coastal areas, has been approved by the State Council.

Qiangdao Qianwan Bonded Port Area will cover an area of 9.72 sq km: 4.8 sq km for a wharf operation area and 4.92 sq km for a logistics and processing area.

After 15 years' development, the previously bonded zone in Qingdao port established trade relationships with more than 40 countries and regions worldwide.

The new bonded port area will include existing ports such as Qingdao, Qianwan, Yantai, Rizhao and Bandao among others.

"We will exert all-out efforts to build the Qingdao Qianwan Bonded Port Area into a pioneering area towards an open-oriented economy, a collective area of advanced industries and a demonstration area of bonded ports," said Cai Limin, deputy governor of Shandong province.

Qingdao Qianwan port is the second-largest foreign trade port in China, and also the largest container port in northern China.

In 2007, cargo throughput of Qingdao port alone was seventh in the world and container throughput tenth.

Of the 19 berths planned for the bonded port area, 11 have been completed and put into operation, and another eight berths are expected to be finished at the end of this year.

By 2010, container throughput in the total bonded port area is expected to reach 11.5 million TEU (twenty-foot equivalent units) and annual imports and exports volume will hit $43 billion, generating 14.4 billion yuan (US$2.11 billion) in revenue, according to Xia Geng, mayor of Qingdao.

(China Daily October 8, 2008)