A cargo inspection site in Haikou, southern China’s Hainan Province.
Substantial progress has been achieved in developing the Hainan Free Trade Port (FTP) and the essential conditions for its island-wide special customs operations have been met, Chinese Vice Premier He Lifeng said on Thursday at the launch ceremony in Haikou, the capital of southern China’s Hainan Province.
The island-wide special customs operations should serve as an opportunity to deepen reforms in key sectors, steadily advance high-quality development, improve the risk prevention and control system, and build the Hainan FTP into a leading gateway for China’s opening up in the new era, said He, also a member of the Political Bureau of the Communist Party of China (CPC) Central Committee.
China on Thursday launched island-wide special customs operations in the Hainan FTP, the world’s largest FTP by area, allowing freer entry of overseas goods, expanding zero-tariff coverage, and introducing more business-friendly measures.
The move is widely seen as a landmark in China’s efforts to promote free trade and expand high-standard opening-up amid rising protectionism worldwide.
Under the new arrangements, the tropical island, which covers more than 30,000 square kilometers and is about a 1.5-hour flight from China’s Hong Kong Special Administrative Region, has been designated a special customs supervision zone. The move marks a new stage in the development of the Hainan FTP, which enables freer flows of goods, capital, personnel, and data, supported by zero tariffs, low tax rates, and a simplified tax system.
SOURCE: CGTN News