Bonded equipment maintenance boosts China's foreign trade

Bonded equipment maintenance has become a new pillar of China's foreign trade, allowing foreign companies to send equipment to special bonded zones in China for maintenance, without paying import duties or other fees.

In recent years, the port city of Tianjin has experienced rapid growth in this sector.

In November this year, the import-export value of Tianjin's bonded maintenance services recorded a year-on-year increase of nearly 88 percent.

Tianjin Haite Aircraft Engineering, an aircraft maintenance company, is providing bonded aircraft maintenance services including "passenger-to-cargo" conversions to clients in countries including Singapore and Germany.

As one of the most challenging sub-sectors in the aviation maintenance industry, such conversions take a minimum of three months to complete.

"In 2024, we delivered approximately 60 aircraft, including five passenger-to-cargo conversions across two aircraft models. Last year, we signed a contract with a German company for the first 10 retrofits. Our orders are now scheduled through 2027," said Chen Jiancong, General Manager of Tianjin Haite Aircraft Engineering.

According to Chen, the surge in international orders is not only due to their professionalism and efficiency, but also to bonded maintenance policies introduced by the Chinese government.

These policies allow companies to save around 11 million yuan (around 1.5 million U.S. dollars) in deposits and other fees per plane.

This year, over 61 percent of the company's operations were driven by overseas business.

To further target international markets, the company is constructing a third hangar, expected to be operational in 2025.

Once completed, it will boost production capacity by 30 percent.

"Bonded maintenance is a form of services trade. It not only boosts services trade volumes, but also extends industrial chains and fosters new international trade formats," said He Jiang, Director of Free Trade Bureau of Tianjin Port Free Trade Zone.

According to the Chinese Ministry of Commerce, future efforts will focus on introducing new comprehensive bonded zone maintenance catalogs and promoting the pilot implementation of such services, further driving growth in this emerging form of foreign trade.

Bonded equipment maintenance boosts China's foreign trade

Hu Chunhua, vice chairman of the National Committee of the Chinese People's Political Consultative Conference, attended the opening ceremony of the 2024 Imperial Springs International Forum in Madrid on Thursday, calling for joint efforts to build a community with a shared future for mankind.

Hu read a congratulatory letter from Chinese President Xi Jinping and delivered a speech at the opening ceremony.

In his congratulatory letter, Xi gave full recognition to the forum's positive role in enhancing exchanges and understanding between China and other countries, and provided clear guidance on using the forum as a platform to further build international consensus and advance a community with a shared future for mankind, said Hu.

Amid accelerating global changes unseen in a century, China will remain a champion of peace, stability and progress, while promoting high-level opening-up, Hu said.

He called on visionary people across the world to actively engage with the forum, strengthen friendships, promote cooperation, and contribute their wisdom and efforts to building a community with a shared future for mankind.

During his stay in Spain, Hu also attended a group meeting with Spanish King Felipe VI, and met with First Vice President of the Senate of Spain Javier Maroto and others.

Senior Chinese political advisor calls for joint efforts to build community with shared future