Qingdao Dahong Bonded Warehouse recently held a ceremony to celebrate its official opening, Qingdao.gov.cn reported on Wednesday.

The Dahong Bonded Warehouse – the second bonded warehouse in Huangdao district - covers an area of 3.33 hectares, with total investment of 60 million yuan ($9.9 million). It consists of five sections and can store a total of 200,000 tons of cargo in 15,000 square meters of storage area. It is also equipped with cameras for 24-hour video surveillance.

The public bonded warehouse will form a domestic trade market and logistics center for imported cargo, which may help reduce the price fluctuation of international commodity prices. The goods in the bonded warehouse will be able to pass customs clearance relatively quickly, reducing expenditure on customs clearance fees, and thus easing the financial burden for enterprises.

The warehouse is expected to promote the bonded area’s development into an international center for processing, port trade, E-commerce and export oriented economy.