emirates7 - China on Thursday launched island-wide special customs operations in the Hainan Free Trade Port (FTP), the world's largest FTP by area, allowing freer entry of overseas goods, expanding zero-tariff coverage, and introducing more business-friendly measures.
According to China Central Television (CCTV), the move is widely seen as a landmark step in China's efforts to promote free trade and expand high-standard opening-up against rising protectionism in the world.
Under the new arrangements, the tropical island, covering more than 33,000 square km, has been designated a special customs supervision zone. This marks a new stage in the development of the Hainan FTP, which enables freer flows of goods, capital, personnel and data, supported by zero tariffs, low tax rates and a simplified tax system.
According to China Central Television (CCTV), the move is widely seen as a landmark step in China's efforts to promote free trade and expand high-standard opening-up against rising protectionism in the world.
Under the new arrangements, the tropical island, covering more than 33,000 square km, has been designated a special customs supervision zone. This marks a new stage in the development of the Hainan FTP, which enables freer flows of goods, capital, personnel and data, supported by zero tariffs, low tax rates and a simplified tax system.