HAIKOU — China has officially launched island-wide special customs operations in the Hainan Free Trade Port (FTP), signaling a major milestone in the country’s commitment to high-standard opening-up.
Chinese Vice Premier He Lifeng announced the launch on Thursday in Haikou, stating that substantial progress has been made and that the essential conditions for these specialized operations are now fully met.
A New Era for Free Trade
As the world’s largest free trade port by area, the Hainan FTP is designed to be a leading gateway for China’s “opening up” in the new era. The transition to island-wide customs operations introduces several key economic shifts:
- Freer Trade Flow: Greater ease for the entry of overseas goods.
- Tax Incentives: Expanded zero-tariff coverage and a simplified tax system.
- Business Growth: More business-friendly measures and lower tax rates to attract investment.
- Integrated Mobility: Enhanced flows of capital, personnel, and data across the 30,000-square-kilometer island.
Strategic Global Positioning
The move comes at a time of rising global protectionism, positioning Hainan as a hub for high-quality development and reform. Vice Premier He Lifeng emphasized that this transition should be used as an opportunity to deepen reforms in key sectors and strengthen risk prevention systems.
Under this new designation, the tropical island—located just a 1.5-hour flight from Hong Kong—functions as a special customs supervision zone, marking a new stage in its evolution as a global trade powerhouse.
Source: CGTN
