On May 18, 2010, the State Council formally approved the establishment of the Fuzhou Bonded Port Area. The Fuzhou Bonded Port Area enjoys tax and foreign exchange management policies similar to those of bonded zones and export processing zones. It represents a new model of free trade port area characterized by the highest level of openness in China, the most preferential policies, and operational rules that are largely aligned with international standards.Located on the Jiangyin Peninsula in Fuqing City, Fujian Province, the Fuzhou Bonded Port Area officially commenced operations on April 29, 2014. It has a planned area of 9.26 square kilometers and comprises four functional zones: the Processing Trade Zone, the International Logistics Zone, the Port Distribution Zone, and the Railway Logistics Zone. The actual operational area for Phase I is 2.43 square kilometers.