This year marks a significant milestone for the Hainan Free Trade Port as it begins independent customs operations, leading to a substantial expansion in the range of goods eligible for zero tariffs. Cai Qiang, deputy director of the office of the Hainan Free Trade Port Working Committee and a deputy to the 14th National People's Congress, announced on Saturday that the new customs framework will enhance trade efficiency and attract more international businesses to the region.
In addition to the expanded zero-tariff policies, Cai emphasized that a tax system specifically tailored to the needs of the Hainan Free Trade Port is currently taking shape. This customized tax framework is designed to support sustainable economic growth, foster innovation, and create a more favorable environment for startups and established enterprises alike.
The developments at Hainan Free Trade Port are poised to make it a pivotal hub for trade and investment within the Chinese mainland. By offering more competitive tax incentives and reducing tariff barriers, the port aims to attract a diverse range of industries, from technology and manufacturing to tourism and services. This strategic move not only benefits local businesses but also offers global investors new opportunities in one of China's most promising regions.
As the Hainan Free Trade Port continues to evolve, it is set to play a crucial role in shaping the economic landscape of the Chinese mainland, driving innovation, and fostering international collaborations. The tailored tax policies and expanded zero-tariff goods are expected to enhance the port's competitiveness on the global stage, making it an attractive destination for businesses and entrepreneurs from around the world.
Reference(s):
NPC deputy: Hainan Free Trade Port upgrades preferential tax policies
cgtn.com
