China has formulated and issued a list of goods and items prohibited and restricted from import and export in the Hainan Free Trade Port (FTP), improving the transparency of goods trade management, said the Ministry of Commerce on Wednesday.
Officials of the ministry made the announcement at a press conference held in Beijing.
According to the officials, the list is based on laws and regulations including the "Hainan Free Trade Port Law" and the "Foreign Trade Law". For the first time ever, it comprehensively and systematically lists the scope of imported and exported goods and articles that are currently subject to prohibition or restriction by regulatory measures in place in the country, which helps business entities clearly know about the regulatory boundaries.
The list greatly increases level of opening up of goods trade in Hainan FTP and, in line with the development needs of the Hainan FTP, relaxes regulatory requirement for some imported goods.
"The regulatory requirement for licensing on the import of 60 items of used electromechanical products bearing HS codes has been lifted, covering 80 percent of the used electromechanical products regulated with the system of import licensing. The license-free import of these 60 items of electromechanical products can basically satisfy the demand of enterprises based in Hainan for their own use of such products in operating production. At the same time, based on the existing policies on the current free trade pilot zones and comprehensive bonded zones, 38 items of products bearing HS codes are allowed to undergo bonded maintenance in the Hainan FTP, achieving the highest level of opening up in the country in this field," Yuan Xiaoming, Assistant Minister of Commerce, said at the press conference.
The HS code refers to Harmonized System Code, which is a standard classification code of goods designed to facilitate the simplification and harmonization of the customs procedure.
The Hainan FTP will officially launch island-wide independent customs operation on Dec. 18 this year to promote trade and help Hainan participate more in the international arena, announced the officials on the same day.
China releases list of prohibited, restricted items for trade in Hainan FTP
