SHENYANG — Authorities in northeast China’s Liaoning province on Oct 15 opened a trade zone with the Democratic People’s Republic of Korea (DPRK).
The Guomenwan trade zone in the city of Dandong covers an area of 40,000 square meters and involves an investment of 1 billion yuan ($158 million).
Residents living within 20 km of the border will be able to exchange commodities at the marketplace with people from the DPRK and enjoy a duty-free policy if spending is less than 8,000 yuan ($1,260) per day.
“This will be an open trade platform,” said Chen Quantong, chairman of China All Access (Holdings) Ltd, operator of the trade zone.
Chen said apart from buying in the brick-and-mortar stores in the zone, consumers can also make purchases on its e-commerce platform.
Tang Shenfei, deputy director of Liaoning provincial bureau of foreign trade and economic cooperation, said the zone will help boost the border trade and increase incomes of both Chinese and DPRK people.
Dandong is the key hub for trade, investment and tourism between China and the DPRK. There are more than 600 border trade enterprises in the city, and trade with the DPRK accounts for 40 percent of the city’s total trade turnover.