New model pioneered by Jinan Area of Shandong Pilot Free Trade Zone promoted nationwide

According to the Management Committee of Jinan Area of Shandong Pilot Free Trade Zone, the new “Blockchain-powered FTZ” bonded demonstration & trading model, pioneered by Jinan Area, was officially put on record by the General Administration of Customs and began to be promoted nationwide.

On November 4, 2020, the pilot digital trade platform of “Blockchain-powered FTZ” was launched in Jinan by Jinan Area of Shandong Pilot Free Trade Zone in conjunction with Jinan Customs and Inspur Group. In this model, goods can leave the zone without the need of guarantee (AEO senior certification), each item has a code and can be traced, demonstration merchandise can be returned, and tax is paid only after the transaction is completed.

At present, Jinan Area of Shandong Pilot Free Trade Zone has promoted the operation of 3 bonded demonstration & trading centers with an area of more than 10,000 square meters and sales of nearly 100 million yuan. It has attracted 11 headquarters, central warehouses and platform companies such as LAOX from Japan to settle in the comprehensive bonded zone. The model is being officially promoted nationwide by the General Administration of Customs.

The “Blockchain-powered FTZ” digital trade platform is conducive to reducing business costs, solving difficulties in returning imported goods, and improving trade facilitation in the comprehensive bonded zone. It helps realize precise customs supervision and unimpede domestic and international dual circulation.