East Lake FTZ ranked as Class-A by customs
The entrance to the East Lake Free Trade Zone [Photo/WeChat Account of Optics Valley of China]
The 2020 National Comprehensive Bonded Zone Performance Assessment was recently released by the General Administration of Customs, ranking the East Lake Free Trade Zone (FTZ), which is located in the East Lake High-tech Development Zone (also known as Optics Valley of China, or OVC) as a Class-A FTZ in China.
Since 2019, the General Administration of Customs has carried out a nationwide comprehensive bonded zone assessment in June every year. There are more than 30 indicators evaluated, including development scale and quality, services, and innovation. Only the top 20 percent of comprehensive bonded zones with the highest scores are designated Class-A. There are rankings for East, Central and West China, and nationwide.
The 2020 assessment covers 134 comprehensive bonded zones, among which only 26 were designated Class-A.
The East Lake Free Trade Zone was founded in August 2011 in Hubei province and also serves as an independent innovation demonstration zone, comprehensive bonded zone, and cross-border e-commerce pilot zone.
It is the only Class-A zone among Hubei's six comprehensive bonded zones.