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The Hainan Free Trade Port is set to significantly expand the range of goods eligible for zero tariffs as it prepares to initiate independent customs operations this year. 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 (NPC), shared the update on Saturday.
“After we begin independent customs operations, the number of zero-tariff goods will be greatly increased,” Cai announced. He added that a tax system tailored specifically for the Hainan Free Trade Port is taking shape, paving the way for enhanced trade and investment opportunities in the region.
The expansion of zero-tariff policies is a key component of China’s strategy to develop Hainan into a globally influential free trade port by 2025. The initiative aims to promote the free flow of trade, investment, capital, personnel, and data, positioning Hainan as a vital hub in international commerce.
Young entrepreneurs and investors are expected to benefit from the new policies, opening doors to innovative business ventures and international collaborations. The Hainan Free Trade Port’s growth presents fresh opportunities for global engagement and economic development, especially for emerging markets in the Global South.
