Shanghai Daily news

When Yangshan Deepwater Port is put into trial operation next month, it will take only several minutes for cargo to clear customs, thanks to the central government's granting of bonded status.  
The bonded facility will function similar to a free port, allowing exemptions or reductions in import and export duties, value-added taxes and sales taxes.
In addition, cargo transfers, warehousing, exhibitions and processing can be handled at the port.
Exporters will be able to receive their export rebates immediately after their cargo is shipped into the bonded port rather than having to wait for payment post-shipment.
On June 22, the State Council granted approval for the port to become China's first bonded port, a distinction that will enhance the facility's competitive ability by allowing many shippers to avoid customs charges.
The port is located on an island at the mouth of Hangzhou Bay, 27.5 kilometers from Shanghai's Luchaogang Port in Nanhui District.