"They are here!" Hearing a staff member shouting excitedly, a smile appears on the face of Yeonmi Park, an engineer of Hyundai Motor Group R&D Center. "Every time I see the vehicles arrive, I am sincerely happy. Previously, imported R&D test vehicles can be stored in China for at most two of each model at a time for no more than six months, and the deposit is high. Now, under the new policy of the China (Shandong) Pilot Free Trade Zone, the number of vehicles can be determined according to actual needs of enterprises, and they can be stored for up to 2 years, with the customs duty guarantee insurance policy as a guarantee." Park Yeonmi said.
The Yantai area of China (Shandong) Pilot Free Trade Zone, which has brought favorable policies to Hyundai Motor Group R&D Center, has addressed many challenges in cross-border trade since its establishment in 2019. Whenever enterprises encounter difficulties, they only need to report their problem to the management committee and the customs department, and the problem will be resolved in a timely manner, which has become a "magic code for customs clearance" for local enterprises.
On September 24, 2020, Yantai Bonded Port Area was approved to be transformed and upgraded to Yantai Free Trade Port Zone and was put into operation, becoming one of the first batch of free trade port zones in the country transformed and upgraded from the bonded port area.
While Yantai Free Trade Port Zone facilitates the import, the Yantai area has launched the province’s first bonded exhibition transaction business, supported the rapid sea-railway-air multi-model development of the procurement export in Yantai market, and conducted the province’s first market procurement business with goods exported by China Railway Express and air transport.
"In the past two years since the establishment of the Yantai area, it has brought benefits to enterprises in optimizing policy supply and providing accurate services. Next, we will take advantage of the major strategic opportunities of RCEP. According to the principle of 'one policy for one enterprise', we will solve the problems that exist in the import and export customs clearance of enterprises in a targeted way, thus helping local enterprises go global." Zhang Lei, Deputy Chief of Yantai Customs, said.