NANNING, Oct. 23 (Xinhua) -- A new China-Vietnam cross-border trade zone in south China's Guangxi Zhuang Autonomous Region has opened, local authorities said Monday.
The Longbang-Tra Linh trade zone in the border city of Jingxi covers an area of 50,000 square meters and involves investment of 60 billion yuan (9 billion U.S. dollars).
Construction began in 2013 and trial operation in September this year.
Residents living within 20 kilometers of the border will be able to exchange commodities at the trade zone and enjoy a duty-free policy if spending less than 8,000 yuan per day.
Compared with other China-Vietnam trade zones, Longbang-Tra Linh will offer a better customs clearance, said Tran Dai Nghia, chairman of Vietnam VCI Logistics Joint Stock Company.
China is a huge market and exports from Vietnam will reach Chinese consumers faster through the trade zone, according to the company.
The trade zone will create about 100,000 jobs and help lift 350,000 people out of poverty in the border area.