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Wang Changlin, deputy head of the National Development and Reform Commission (NDRC), announced that the free trade port will launch island-wide independent customs operation on December 18, 2025. The proportion of tariff lines with zero-tariff products in Hainan Free Trade Port will increase from 21 percent to 74 percent.
On June 10, 2021, the 29th meeting of the Standing Committee of the 13th National People's Congress passed the Hainan Free Trade Port Law of the People's Republic of China, which determined to establish and improve the Hainan Free Trade Port customs supervision special zone system with closed-off customs operations on the entire island.
South China’s tropical island province of Hainan is intensifying efforts to establish itself as a high-level free trade port (FTP) by 2025. Key plans were outlined in a government work report presented during the annual session of the Hainan Provincial People’s Congress on Tuesday.
The "Notice on Preferential Corporate Income Tax Policies for Hainan Free Trade Port" proposed that enterprises in encouraged industries registered and operated in Hainan Free Trade Port shall be subject to a reduced corporate income tax rate of 15%.
United States President Donald Trump will host the heads of five Central Asian countries – Uzbekistan, Kazakhstan, Kyrgyzstan, Tajikistan and Turkmenistan – in an annual summit in Washington, DC, on Thursday. The group, founded in 2015, is known as C5+1, which refers to the five Central Asian countries and the US.
US President Donald Trump to meet leaders from five Central Asian countries in Washington for 10th meeting of C5+1.
Commissioner Síkela stated: “Central Asia and the European Union are solid partners, and our cooperation is growing. But I see even greater potential to unlock. Together, we can deliver long-term benefits for people and businesses on both sides. That’s exactly what I focused on during my mission.
The United States must find other ways to compete, such as by including technology transfer and technical assistance alongside its funds. The CPC’s 2022 policy brief recommends offering the services of the U.S. Geological Survey to help Central Asian countries utilize and profit from their critical mineral resources.
With a zero-tariff system fundamentally in place after the independent customs operation, high-quality global resources can flow into Hainan with greater freedom and efficiency, Wu said. Trade liberalization and facilitation are defining features of a free trade port.
On June 10, 2021, the 29th meeting of the Standing Committee of the 13th National People's Congress passed the Hainan Free Trade Port Law of the People's Republic of China, which determined to establish and improve the Hainan Free Trade Port customs supervision special zone system with closed-off customs operations on the entire island.
As a key initiative in China's opening-up strategy, the Hainan Free Trade Port is set to begin independent customs operations by year end, and global enterprises are eyeing the vast opportunities that come with open trade. [Photo/Xinhua]
South China’s tropical island province of Hainan is intensifying efforts to establish itself as a high-level free trade port (FTP) by 2025. Key plans were outlined in a government work report presented during the annual session of the Hainan Provincial People’s Congress on Tuesday.
