News

January 18, 2022

Imported automobile business booming in Waigaoqiao Port

Thirty-nine upscale Porsche cars, worth more than 36 million yuan (US$5.65 million), entered the Waigaoqiao Port Comprehensive Bonded Area recently, signifying it has become a mature bonded warehouse for imported cars.

Twenty-four of the cars will be sold locally in the Chinese market after customs clearance while 15 will be placed in the bonded warehouse without payment of duty for a while and then be transported out-bound to overseas markets.

It helps relieve the burden on enterprises that had to pay duty first in the past, reduce their operation costs and financial pressure, and shortens the time an imported car takes to enter the Chinese market.

As opposed to immediate payment of duty upon entry of goods in the past, now cars can be stored in the bonded area without payment until they are sold or transferred.

Of note, this means the comprehensive bonded area can manage the domestic market and overseas market at the same time and its resources allocation capability has also improved.

On September 4, the bonded area piloted this measure in importing Maserati cars.

So far the bonded area has built a 50,000-square meter bonded warehouse for cars. It expects to import 3,000 cars worth US$180,000,000.

On April 15, the bonded area was established and upgraded on the basis of the Waigaoqiao Bonded Logistics Park, China’s first bonded logistics park, which is to expand its cross-border trade and enhance its role as an international logistics hub.