China's Hainan FTP to begin island-wide independent customs ops in Dec

The decision was taken by the Communist Party of China (CPC) central committee.

The proportion of tariff lines with zero-tariff products in the Hainan FTP will increase from 21 per cent to 74 per cent, Wang said.

Imported products that undergo at least 30-per cent value-added processing in Hainan can enter the mainland tariff-free. Certain goods currently banned or restricted nationwide will enjoy open policies in Hainan.

The number of duty-free items in Hainan will increase from about 1,900 to around 6,600, marking a significant boost in openness, a state-controlled news agency cited Vice Minister of Finance Liao Min as saying.

The scope of eligible beneficiaries will be significantly expanded to include enterprises, public institutions, and private non-enterprise entities in the FTP with actual import needs, Liao said.

Once the independent customs operation begins, zero-tariff imports will be managed under a negative list, he added.

The Ministry of Commerce has issued a list specifying goods and articles prohibited or restricted from import and export in the Hainan FTP.

Preparations on the policy front for the island-wide independent customs operation are already in place, said Feng Fei, secretary of the CPC Hainan provincial committee.

ALCHEMPro News Desk (DS)