Heilongjiang Free Trade Zone Reopens On Russia-China Border
Boost for small Russian traders accessing the China market
Suifenhe, a major land checkpoint in northeast China’s Heilongjiang Province, has seen its free trade zone with Russia re-open. It had been closed in January and February due to the Covid-19 virus pandemic.
Traders have an additional boost, the comprehensive import tax rate in the zone is reduced from 3.696 percent to 1.232 percent in support of the traders amid the epidemic, a discount that is in effect until May 31. Body temperature tests are mandated for everyone entering the zone for the time being.
The zone has also widened its reach, and has opened up to traders from 14 more countries, including nearby Mongolia, North and South Korea.
Small consumable items such as Russian candies, chocolate, flour, sunflower seeds, pine nuts and frozen fish are the most-traded goods in Suifenhe, with the total trade volume in the free trade zone expected to reach about US$7 million in March having been zero since the beginning of 2020.
Suifenhe is a strategically placed FTZ and sits on the Manchurian route of the Trans Siberian Railway, connecting Vladivostok to Harbin and the China national rail system.
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Russia Briefing is written by Dezan Shira & Associates. The firm has 28 offices throughout Eurasia, including China, Russia, India, and the ASEAN nations, assisting foreign investors into the Eurasian region. Please contact Maria Kotova at email@example.com for Russian investment advisory or assistance with market intelligence, legal, tax and compliance issues throughout Asia.