(Xinhua/Pu Xiaoxu)
China on Thursday launched special island-wide customs operations at the Hainan Free Trade Port, the world’s largest free trade port by area, allowing freer entry of foreign goods, expanded coverage of zero tariff treatment and more business-friendly measures.
The move is widely seen as a major step in China’s ongoing efforts to promote free trade and expand high-level opening-up, amid rising protectionism globally.
As part of the new provisions, this tropical island of more than 30,000 km2 has been designated as a special customs supervision zone. This marks a new stage in the development of the Hainan Free Trade Port, which enables freer movement of goods, capital, personnel and data, thanks to no customs duties, reduced tax rates and a simplified tax system.
