China approves new bonded area

China has approved a new bonded area in the eastern province of Zhejiang.

The State Council, China's cabinet, has officially given the nod to the Wenzhou Comprehensive Bonded Area in the city of Wenzhou. The city plans to complete the first phase of construction within a year.

The area is estimated to cover 1.44 square kilometers. Work has started to attract businesses to the area.

Wenzhou is home to numerous private businesses.