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.
Key Policies for 2024
Hainan is set to roll out critical policies this year to pave the way for independent customs operations by the end of 2025. These include:
- Catalog of Taxable Imported Goods: A detailed list to regulate taxable items.
- List of Prohibited and Restricted Items: Clear guidelines for import and export operations.
- Customs Supervision Regulations: New rules to streamline customs operations and enhance trade efficiency.
These measures aim to establish independent customs operations, enabling seamless trade flows and strengthening Hainan’s position as a global trade hub.
Strategic Role in Global Trade
Chi Fulin, head of the China Institute for Reform and Development, emphasized the strategic value of Hainan’s geographic location. The province is uniquely positioned to serve as:
- A key hub for economic and trade cooperation between China and RCEP member countries.
- A crucial player in the expansion of the China-ASEAN Free Trade Area.
These developments align with the master plan released in June 2020 to transform Hainan into a globally influential free trade port by the mid-21st century.
Significant Economic Growth
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.
A Vision for the Future
Hainan’s ongoing efforts to develop its independent customs operations and enhance trade infrastructure signal its commitment to becoming a world-class free trade hub. With its strategic position in global trade networks, the province is set to play a pivotal role in fostering economic growth, innovation, and international cooperation.
For more information on Hainan’s Free Trade Port development, visit the Hainan government’s official website.
