Hainan FTP's special customs operations signal China's resolve for high-standard opening-up: experts

The launch of the island-wide special customs operations in Hainan Free Trade Port (FTP) reflects China's firm commitment to high-standard opening-up and building an open world economy, officials and experts from multiple countries said in interviews with China Media Group (CMG).

This tropical island province will officially launch its special customs operations on Thursday, lifting the share of zero-tariff products in Hainan Free Trade Port (FTP) from 21 percent to 74 percent and further opening the port's tourism, modern services, and high-tech industries.

Experts have emphasized that this move not only benefits China but also holds significant importance for the world.

"It is not only important to China, but it's also important to the world -- is promoting China's high-level opening up to the world, and of course, promoting trade and opening up the world economy that is beneficial to the entire globe. And President Xi Jinping's policy is also helping advance a common prosperity around the world," said Bernard Momanyi, editorial director of Capital FM in Kenya.

"The implementation of island-wide special customs operations in the Hainan Free Trade Port, which facilitates freer trade, will create a pivotal opportunity for China to further expand its openness to the world. It also signals China's strong demand for the international marketplace, which will unlock greater opportunities for countries to export their goods to China," said Julian Rosero, an economist from Colombia.

Michael Borchmann, former head of the European and International Affairs Department of the German state of Hesse, also said, "Advancing the opening-up policy in a comprehensive and intensive manner is essential. In this context, launching the island-wide special customs operations in Hainan is both crucial and beneficial to China's broader opening-up policy."

Experts have further highlighted that against the backdrop of rising global trade protectionism, China's steadfast commitment to widening its openness stands out with particular relevance and sends a powerful signal to the world.

"It is a positive signal because it will be an incentive for foreign companies to come to China through Hainan. It shows that China wants to remain open, remain open to the world, remain an open economy. And I think this, in a context of rising protectionism, is something important that a country like China is saying 'No, we want to remain open.' I think Hainan Island is a nice symbol of the future China for the following years with a more open economy with also an economy integrated in the world's economy," said Bernard Dewit, chairman of the Belgian-Chinese Chamber of Commerce.

U.S. stocks ended lower on Monday.

The Dow Jones Industrial Average fell by 41.49 points, or 0.09 percent, to 48,416.56. The Standard and Poor's 500 sank 10.9 points, or 0.16 percent, to 6,816.51. The Nasdaq Composite Index shed 137.76 points, or 0.59 percent, to 23,057.41.

Eight of the 11 primary Standard and Poor's 500 sectors ended in green, with health and utilities leading the gainers by going up 1.27 percent and 0.88 percent, respectively. Meanwhile, technology and energy led the laggards by dropping 1.04 percent and 0.76 percent, respectively.