China's Hainan Free Trade Port (FTP) is fully prepared for island-wide independent customs operation, which is set to begin on Dec 18 this year, said Feng Fei, secretary of the Communist Party of China (CPC) Hainan Provincial Committee, at a press conference in Beijing on Wednesday.
As part of its broader economic strategy, China is transforming Hainan into a FTP. With the Hainan FTP to implement independent customs operations by the end of this year, the province is poised to become not only a tourist haven but also a pivotal gateway for China's opening-up drive.
"Preparations for independent customs operations are complete. Key policies and supporting documents, including the list of prohibited and restricted items in the catalog of imported taxable goods and regulations on tariff exemptions for processed goods sold domestically, have all been finalized. In terms of infrastructure, both hardware and software facilities are fully in place. The physical facilities for independent customs operations have passed national inspection, and information systems, such as the smart customs supervision platform of the single-window system for international trade, have been successfully developed. Regarding stress testing and rehearsal, progress is being made in an orderly manner. Comprehensive, all-element, full-coverage, large-scale, and practical drills are underway to ensure that Hainan's independent customs operations are not only seamless and efficient, but also secure and well-regulated," said Feng.
The Hainan FTP has made significant strides in expanding opening-up and optimizing its industrial system in recent years.
According to official data, the paid-in foreign investment in the FTP reached 102.5 billion yuan (about 14.31 billion U.S. dollars) over the past five years, with an annual growth rate of 14.6 percent. Foreign direct investment also saw a remarkable increase, totaling 9.78 billion U.S. dollars with an annual growth rate of 97 percent.
During the period, the number of newly established foreign-funded enterprises surged to 8,098, representing a 43.7 percent annual growth. Both goods and services trade experienced impressive annual growth rates of 31.3 percent and 32.3 percent, respectively.
Hainan has attracted investment from 176 countries and regions, and Hainan's economic openness ratio -- the ratio of total trade to GDP -- has increased to 35 percent.
The FTP has also implemented the most favorable visa-free policy in the country, allowing entry from 85 countries without a visa.
The scale of Hainan's four leading industries -- tourism, modern service industry, high- and new-tech industry, and high‑efficiency tropical agriculture -- grew by 13.7 percentage points over the past five years, now accounting for 67 percent of the province's GDP.
Hainan's ecological environment remains among the best in the country, with PM2.5 concentrations at 12 micrograms per cubic meter. In Hainan, clean energy accounts for more than 70 percent of total power generation and represents over 80 percent of the total installed power generation capacity.
The province's penetration rate of new energy vehicles stands at 59.6 percent, ranking first nationwide. The Boao Zero Carbon Demonstration Zone has achieved a 99-percent reduction in carbon emissions.
Hainan free trade port fully prepared for independent customs operation: official
Hainan free trade port fully prepared for independent customs operation: official
Hainan free trade port fully prepared for independent customs operation: official
