Baowu Raw Material Supply sets up shop in Yangshan bonded zone
China Baowu Steel Group Corporation Limited maintains an industrial leadership position in China's steel industry. [Photo/WeChat account: shlgguanweihui]
China Baowu Steel Group Corporation Limited (China Baowu) recently established a branch (Baowu Raw Material Supply Co Ltd) in the Yangshan Special Comprehensive Bonded Area of the Lin-gang Special Area. It has a registered capital of 500 million yuan ($71.5 million).
Baowu Raw Material Supply is among the first bulk commodity trading enterprises to operate in the area after the establishment of the Yangshan Special Comprehensive Bonded Area on May 16.
The firm was founded by Baowu Group and funded by six steel-related subsidiaries units (shareholders) of the Group.
There are now more than 400 bulk commodity enterprises in the Yangshan Special Comprehensive Bonded Area, generating more than 200 billion yuan in annual trade. This makes the area a relatively complete industrial cluster with an ecological chain.
In Several Opinions on Promoting the Opening-up and Innovative Development of the Yangshan Special Comprehensive Bonded Zone recently released by the Lin-gang Special Area Administration, there are three suggestions for bulk commodity trading. The new policies have helped accelerate the development of the commodity trade industry in Yangshan.
In addition, it took less than one month from the initial planning to registration, reflecting the high efficiency of the Lin-gang Special Area Administration.
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