China on Thursday launched island-wide special customs operations in the Hainan Free Trade Port (FTP), the world's largest FTP by area, in an effort to boost the country's high-level opening up, said a China Media Group (CMG) commentary published on Thursday.
An adapted English version of the commentary is as follows:
The Hainan Free Trade Port has officially commenced island-wide special customs operations, marking a significant step forward in its goal to become "a pivotal gateway leading China's opening-up in the new era."
The special customs operations of the Hainan Free Trade Port will not only contribute to China's efforts to foster a new development paradigm but also emerge as a new focal point for global shared development opportunities.
This island-wide special customs operations represent another significant milestone in China's reform and opening-up process. It serves as a landmark measure demonstrating China's unwavering commitment to expanding high-level opening-up and promoting the development of an open global economy.
According to Sang Baichuan, dean of the Institute of International Economics at the University of International Business and Economics, following the special customs operations, the "changes" are primarily reflected in the further enhancement of trade and investment liberalization and facilitation. The number of "zero-tariff" goods, as well as the variety of imported commodities, has significantly increased, leading to a substantial reduction in import costs. This will generate immense appeal for investors from various countries. What remains "unchanged" is China's continued commitment to expanding high-level opening-up and its determination and capability to foster mutual benefit and shared prosperity with the world.
For enterprises, a series of measures such as "zero tariffs, low tax rates, and simplified tax systems" means broader scope for benefiting from preferential policies and lower production costs.
Companies registered in Hainan and meeting relevant requirements will pay a corporate income tax rate of just 15 percent through 2027. Meanwhile, the list of duty-free goods has expanded from about 1,900 to 6,600 items, raising coverage from 21 percent to 74 percent of all tariff lines.
For tourists from around the world, the island-wide special customs operations in Hainan also brings numerous benefits.
Currently, the combination of duty-free policies and travel facilitation measures, such as visa-free entry for citizens from 86 countries, is positioning Hainan as an international hub for consumption and tourism.
The launch of the island-wide special customs operations in the Hainan Free Trade Port is expected to inject new momentum into economic globalization.
Located at a strategic crossroads linking the Pacific and Indian oceans, Hainan offers investors a platform to "base in Hainan, access entire China, and reach the Asia-Pacific," supporting both regional and global economic growth.
For Hainan, the island-wide customs operation represents a new starting point.
Looking ahead, the free trade port is expected to further expand opening-up, refine its policy and institutional framework, and develop into a key hub connecting China's domestic and international dual circulation.
Hainan's island-wide customs operations to boost China's high-level opening: commentary
Hainan's island-wide customs operations to boost China's high-level opening: commentary
