Firms benefit from bonded maintenance, testing services
HGTECH Co, located in the East Lake High-tech Development Zone (also known as Optics Valley of China, or OVC), was the first laser-based hi-tech company to go public in China, and it is currently planning to expand its product maintenance and testing businesses in the Wuhan East Lake Free Trade Zone (FTZ).
"Last year, our company's overseas sales of intelligent laser equipment rose over 100 percent on a yearly basis, so we want to establish our own after-sales service center in the FTZ to improve our service quality," said Zhang Xi, general manager of HGTECH's international business department.
At the end of 2021, the Ministry of Commerce joined with two other central government authorities to issue a new policy that allows enterprises based in comprehensive bonded zones that are located in FTZs to deliver bonded maintenance services, which has become a unique advantage of the East Lake FTZ.
For this reason, four companies signed agreements and moved into the FTZ during the first quarter of 2022. The new policy has directly benefited Wuhan Qiaoyan Electronic Technology Co, helping it deliver 45 million ($7.05 million) in annual revenue. This year, it will reportedly add maintenance businesses for computers, mainboards, liquid crystal displays, and tablet PCs.