Xinhua Headlines: Hainan Free Trade Port to officially launch
"We will strive to build the Hainan Free Trade Port into an important gateway leading China''s opening up in the new era, contributing to the sustained development of the Chinese economy
"We will strive to build the Hainan Free Trade Port into an important gateway leading China''s opening up in the new era, contributing to the sustained development of the Chinese economy
Many favorable policies have since been issued to support the development of the Hainan Free Trade Port (FTP), including the implementation of zero tariffs and the easing of
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Since the launch of the FTP initiative in 2020, Hainan has experienced a surge in foreign trade activities: Over 70,000 new foreign trade companies have been registered. These businesses have significantly contributed to the province’s growing role in international trade.
Vice Minister of Finance Liao Min noted that the number of duty-free items in Hainan will increase from about 1,900 to around 6,600, marking a significant boost in openness.
"The island-wide independent customs operation is a flagship move for the development of the Hainan FTP and a key measure to further expand opening-up," Wang said, calling it "a milestone" in China's opening-up efforts.
Its core logic lies in leveraging Hainan's strengths to establish a solid industrial framework for the full-island independent customs operation," Bai Ming, a research fellow at the Chinese Academy of International Trade and Economic Cooperation, told the Global Times on Monday.