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Fujian's first public bonded warehouse for pharmaceuticals set up in Xiamen

ftz.xm.gov.cn|Updated: February 6, 2024


The Luyan Medicine Public Bonded Warehouse. [Photo/Xiamen Daily]

Under the supervision of Xiamen Customs, 600 kilograms of imported ginseng recently entered the Luyan Medicine Public Bonded Warehouse in Xiamen, marking the official launch of the first public bonded warehouse dedicated to pharmaceuticals in Fujian province.

Traditionally, upon importing goods, companies are required to pay taxes in full. However, by choosing to store goods in the bonded warehouse, the payment of import taxes can be deferred, reducing the use of the company's working capital. 

For instance, in the case of the imported ginseng, storage in the bonded warehouse could result in savings of 80,000 yuan ($11,180) in working capital during the storage period.

"After the establishment of the bonded warehouse, we have increased the possibility of directly importing medical devices and health products. The tax deferral of the bonded warehouse not only saves on capital costs but also significantly shortens the time needed for medical devices to reach customers," said Zhang Qian, deputy general manager of the new business division of Luyan Medicine.

The Luyan Medicine Public Bonded Warehouse can also provide bonded warehousing and logistics services for other pharmaceuticals, medical devices, health products, and other companies, strengthening Fujian province's dedicated pharmaceutical bonded supply chain. This also creates a shorter and more efficient import pathway for pharmaceuticals.