(MENAFN- Qatar News Agency) Authorities in northeast China's Liaoning Province are preparing to open a border trade zone with the Democratic People's Republic of Korea (DPRK).
The Guomenwan trade zone in the city of Dandong is expected to open during the China-DPRK Economic, Trade, Cultural and Tourism Expo in October, the provincial government said.
The trade zone, with a total investment of 1 billion yuan about (156 million U.S. dollars), has a floor area of 24,000 square meters, according to China's (Xinhua) News Agency.
Residents living within 20 km of the border will be able to exchange commodities at the marketplace with people from the DPRK and enjoy a duty-free policy if spending less than 8,000 yuan about (1,250 U.S. dollars) per day.
Dandong is the key hub for trade, investment and tourism between China and the DPRK. There are more than 600 border trade enterprises in the city, and trade with the DPRK accounts for 40 percent of the city's total trade turnover.
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