Government officials unveil the Shaoxing Comprehensive Bonded Zone in Binhai New Area, Shaoxing on Nov 6. [Photo/shaoxing.com.cn]

Shaoxing in East China's Zhejiang province established an administrative committee for the Shaoxing Comprehensive Bonded Zone on Nov 6.

The bond zone will cover an area of 1.72 square kilometers and enjoy favorable taxes and foreign exchange polices, integrating the businesses of cross-border purchases, processing and logistics.

Authorities said that comprehensive bonded zones are special customs oversight areas which enjoy the highest level of openness, most preferential policies and simplest procedures.

They are designed to carry out services which integrate bonded logistics and export processing, and can develop businesses such as international transit, distribution, purchasing and transit trade.

Shaoxing recorded 13.37 billion yuan ($2 billion) in exports in the first three quarters, a year-on-year increase of 7.79 percent, according to statistics released by the local authorities on Nov 4.

From January to October, 11,086 companies in the city benefited from the tax favorable policies. A total of 3.43 billion yuan in tax was saved for them.