Tariff-Free Benefits to Expand When Hainan Free Trade Port Launches Island-Wide Independent Customs Operation

BEIJING, Aug 9 (Bernama-Xinhua) -- The benefits of zero-tariff policies for businesses will expand after the Hainan Free Trade Port launches its island-wide independent customs operation, guest speakers said on the latest episode of the China Economic Roundtable.

The all-media talk show is hosted by Xinhua News Agency.

For businesses, the move is expected to significantly broaden development potential.

The scope of zero-tariff goods will be expanded greatly, import and export regulations will be relaxed further, and import costs will be lowered, enabling companies to better integrate into global industrial and supply chains, said Cai Ping, an official of the National Development and Reform Commission.

Following the launch of the island-wide independent customs operation, zero-tariff policy beneficiaries will broadly include all enterprises and institutions across the island with actual import needs, including privately run non-enterprise entities, said Wu Jingfang, deputy head of the tariff department of the Ministry of Finance.

The number of zero-tariff goods will increase from about 1,900 items to approximately 6,600, accounting for 74 per cent of all tariff categories. This expansion is expected to reduce production costs further for eligible beneficiaries, Wu said.

Additionally, the circulation of zero-tariff goods and related processed products will be permitted among eligible beneficiaries without incurring import taxes, Wu noted.

China's Hainan Free Trade Port will launch the island-wide independent customs operation officially on Dec 18. 

-- BERNAMA-XINHUA