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
China's Minister of Commerce Wang Wentao outlined the key priorities of the 32nd Asia-Pacific Economic Cooperation (APEC) Ministers Responsible for Trade Meeting, which opened on Friday in Suzhou, East China's Jiangsu province.
In an interview with CGTN ahead of the two-day meeting, Wang said free trade, digital cooperation and green economy are high on the agenda of the meeting.
"The key areas include advancing regional economic integration and the Free Trade Area of the Asia-Pacific, supporting the World Trade Organization (WTO) in strengthening digital cooperation and developing green economy. At present, the international situation is marked by intertwined turbulence and chaos, with intensified geopolitical instability. The rise of unilateralism and protectionism poses serious challenges to the international economic and trade order, disrupting global and Asia-Pacific development. Against this backdrop, all parties have higher expectations for this trade ministers' meeting, hoping that it can build consensus and deliver outcomes," Wang said.
This year marks China's third time hosting the APEC meetings and the 35th anniversary of its membership.
By 2025, China had become the largest trading partner of 13 APEC economies. Trade between China and APEC economies reached 3.7 trillion U.S. dollars, accounting for 57.8 percent of China's total foreign trade.
China has signed 24 free trade agreements or economic and trade arrangements with 31 countries and regions, including 15 APEC economies. In recent years, China has also completed upgrades of free trade agreements with APEC economies such as Singapore and Peru.
The minister said that China has always been a firm supporter and an important contributor to APEC.
"We have actively shared our vast market and development opportunities with all parties. China's door to the world will only open wider and wider. Facing the common challenges, China will continue to fulfill its responsibilities as a major country, further deepen reform, expand high-standard opening-up, and continue to provide new opportunities for the Asia-Pacific region and the world with its new achievements in Chinese modernization," the minister said.
China's Commerce Minister outlines priorities for 32nd APEC trade ministers' meeting
