On December 16, the inauguration ceremony of the Shanghai Jiading Comprehensive Bonded Zone was held at the Jiading District Government. Shanghai Deputy Mayor Zong Ming and Shanghai Customs Commissioner and Party Secretary Gao Rongkun jointly unveiled this long-awaited project that Absolute Racing is proud to be part of from the start.
The total investment of the project exceeded 2 billion yuan, and the output value will exceed 10 billion yuan after reaching production capacity. The project covers multiple fields such as semiconductor equipment, automotive industry, integrated circuit materials, artificial intelligence and multinational headquarters. The presence of Absolute Racing in the Shanghai Jiading Comprehensive Bonded Zone marks a milestone for development of the motorsport in China.
According to the approval document, the Jiading Comprehensive Bonded Zone has a planned area of 0.95 square kilometers. Comprehensive bonded zones are special customs oversight areas which enjoy the highest level of openness, most preferential policies and simplest procedures. They are designed to carry out services which integrate functions such as bonded logistics and export processing, and can develop businesses such as international transit, distribution, purchasing and transit trade.
Regarded as an important platform for boosting Jiading’s export-oriented economy, the zone will act as an important bridge between the domestic and international markets. Absolute Racing, a leading motor racing team in China and South East Asia, is among the automotive industry enterprises to benefit from the bonded services.
Located in the northwest part of the city of Shanghai, with an area of about 464 square kilometers and a population of more than 1.5 million people, Jiading is about 20 kilometers from downtown Shanghai. The district is home to a major part of Shanghai’s automobile industry and is the site of the 16-turn, 3.388-mile (5.452-kilometer) Shanghai International Circuit.
Commenting on the signing of the agreement, Team Director Ingo Matter said, “We are happy to open a new chapter in the Chinese motorsport, and to be a first-mover in establishing a company in the Shanghai Jiading Comprehensive Bonded Zone. This opportunity will bring benefits to our customers as the cars will be imported into the zone and stored in our warehouse, allowing our cars to move freely in Mainland China and overseas and return without having to be imported and exported every six months. We believe the comprehensive bonded zone will help us a lot in improving our international competitiveness, as well as increasing customer satisfaction”.