The State Council has approved to set up a comprehensive bonded zone in the city of Xiangyang, central China's Hubei Province, local authorities said on January 22.

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

  The zone, covering 2 square kilometers, lies in the north of Xiangyang Area of China (Hubei) Pilot Free Trade Zone. It will be a new platform for the city's high-quality opening-up and development.

  Taking advantage of the location and policies, the zone will focus on auto parts manufacturing, new energy manufacturing, high-end textile industry, cross-border e-commerce and other industries.

  (Source: en.hubei.gov.cn)