Hainan, the southern island province of China, has been attracting people from around the globe with its sandy beaches, coconut trees, and year-round sunshine. The island is becoming a hotspot this year due to China's plans to build a free trade port with the highest level of openness.
With a plan aiming at further consolidating the foundation of the real economy and enhancing economic competitiveness, a free trade port system will be "basically established" in Hainan by 2025, becoming "more mature" by 2035, with a focus on the liberalization and facilitation of trade, investment, transport and the flow of talent, capital and data.
China will support free trade of commodities by granting zero-tariff treatment in an orderly manner and remove non-tariff barriers such as permits and quotas, Vice Commerce Minister Wang Shouwen told a press conference on June 8.
In the first stage, before 2025, certain goods will be exempt from import duties, import value-added tax and consumption tax, while after 2025, import duty exemptions will apply on all imported goods other than those listed in the catalog of imported taxable commodities.
A pioneering negative list will be formed this year for cross-border service trade at the port to facilitate cross-border delivery, overseas consumption and the flow of people. Cross-border service trade not on the list will be granted free entry into the port.
To bolster consumption in the area, the port will further relax the annual tax-free shopping quota for travelers by raising the limit of purchase from 30,000 yuan (about 4,230 U.S. dollars) to 100,000 yuan per person each year and expanding the categories of duty-free goods.
The Hainan free trade port will take the lead in expanding the opening-up of the financial service sector, which entails support for setting up trading venues for financial products related to energy, shipping and commodities.
China will also strengthen financial support to promote the scale of industrial agglomeration and enhance the industrial competitiveness of major industries in Hainan, as well as innovating and developing trade finance, consumer finance, green finance and technology finance.
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