Shanghai set up a new comprehensive bonded area in its Pudong New District on Tuesday, according to local authorities.

A number of new projects, covering new energy, 5G intelligent factory, and other fields, were signed at the launch ceremony of Jinqiao Comprehensive Bonded Area, with an estimated output value of nearly 35 billion yuan (about 4.94 billion U.S. dollars) in five years.

Comprehensive bonded areas, as important platforms for an open economy, are significant to the overall promotion of epidemic prevention and control and economic and social development, said Gao Rongkun, director of Shanghai Customs.

In November 2018, the State Council approved the upgrade of the export processing zone of Jinqiao to a comprehensive bonded area covering 1.524 square km.

The total imports and exports of comprehensive bonded areas across China reached 2.9 trillion yuan in 2019, up 11.9 percent year on year and contributing 30 percent to the growth of the national foreign trade.