Dongjiang Port in the Tianjin Free Trade Zone. [Photo/Xinhua]

In the past two months, the Tianjin Dongjiang Free Trade Port Zone – located in the Binhai New Area in Tianjin in northern China  -- has been introducing new services and functions since being upgraded as one of the four comprehensive bonded areas in the port city by the State Council, China’s Cabinet.

Officials said that by leveraging its prime location and favorable policies, the zone -- a national leader in the aircraft and ship leasing business and automobile import trade -- will add to its operations high-end equipment R&D, the medical industry, logistics, the service trade, as well as  the inspection and maintenance industry and other key industries.

They said that added functions will be performed by a newly built laboratory and new resident research institutes and companies -- including China Railway Engineering Equipment Group and Fengchi IOT Management Company, a comprehensive logistics service provider.

Comprehensive bonded areas are special commercial zones that enjoy favorable taxation policies and are managed by customs officials.

As important platforms for an open economy, implementing favorable policies is Dongjiang’s top priority to support the development of the comprehensive bonded zone, said Shen Lei, director of the area.

Shen said comprehensive bonded areas are significant to developing foreign trade, attracting foreign investment and promoting China’s industrial transformation and economic upgrading.

Officials said the introduction of Changchun Automobile Testing Center to the zone – which will conduct testing and maintenance of imported vehicles – reinforced Tianjin’s position as an important customs hub for imported vehicles and added to the parallel imported vehicle business in the country.

They said other inspection companies are also expected to relocate there.

Dongjiang is the second largest aircraft leasing facility in the world. Aircraft, ship and offshore equipment leasing there account for more than 80 percent of the domestic market.

At the same time, it is also the most important import port for frozen goods and parallel imported cars in China.