BEIJING, July 24 (Alliance News): China has announced that it will officially launch island-wide free customs operations in the Hainan Free Trade Port starting December 18 this year, marking a major step in the country’s pursuit of high-quality openness and economic globalization.
Experts view this development as a clear reflection of China’s commitment to multilateralism and believe it will offer new export, trade, and investment opportunities to countries across the globe.
Since April 2018, when the phased establishment of the Hainan Free Trade Port was announced, a comprehensive set of policies and systems has gradually been developed.
These include measures facilitating trade, investment, cross-border financial flows, and improved infrastructure for people-to-people exchange, transport, and data movement.
According to officials, the new customs operations will significantly increase the number of zero-tariff goods from 1,900 items to approximately 6,600, covering about 74% of the total tax items.
This expansion is expected to reduce import costs, boost domestic demand, and provide direct benefits to consumers and market players.
The island-wide customs freedom will also allow for more flexible trade and investment arrangements, and smoother movement of goods, people, and capital.
Authorities have pledged stronger regulatory measures to ensure effective implementation of the policies under the new system.
Hainan Free Trade Port is rapidly becoming a magnet for international investment and tourism. Supported by duty-free shopping policies and visa-free access for many countries, the island is positioning itself as a global hub for consumption and travel.
