The Jinqiao Comprehensive Bonded Zone is being encouraged to carry out some of the financial reforms already implemented in the China (Shanghai) Pilot Free Trade Zone. [Photo/WeChat account: jinqiaofabu]

The unveiling ceremony of the Jinqiao Comprehensive Bonded Zone was held in Pudong New Area in Shanghai on April 21, in an event which gathered together a number of government officials and business representatives.

The Jinqiao Comprehensive Bonded Zone, located in the heart of Pudong, enjoys unique geographical advantages. It borders Shanghai Pudong Airport Free Trade Zone to the east and Shanghai Disney Resort to the south, and is adjacent to the Zhangjiang Science City in the west and the Waigaoqiao Bonded Area of the China (Shanghai) Pilot Free Trade Zone (FTZ) in the north.

The area, formerly known as the Jinqiao Export Processing Zone, was established in 2002, and was approved by the State Council to be upgraded into a comprehensive bonded area last year.

Over 18 years of development, the zone has grown into a gathering place for a group of core enterprises such as Emerson Process Management Marine Systems (Shanghai) Company, a Fortune Global 500 company. All these enterprises are involved in the fields of auto spare parts, high-end machinery manufacturing, technological research and development of semiconductor materials.

At the unveiling ceremony, agreements were signed for a number of new projects. These are expected to bring in a total output value of nearly 35 billion yuan ($4.9 billion) by 2025.

The newly-signed projects are in areas like auto spare parts, logistics, new energy resources, 5G smart factories, medicine and medical equipment.