- China has designated Hainan Island as a special customs supervision zone, launching island-wide special customs operations in the Hainan Free Trade Port.
- The move expands zero-tariff coverage from 21% to 74% of products and allows freer entry of overseas goods with more business-friendly measures.
- Foreign companies benefit from lower taxes, broader access to service sectors, and easier access to the Chinese mainland market.
- Goods processed in Hainan with at least 30% local value added can be sold duty-free to the mainland.
- Since 2020, over 9,600 foreign-invested enterprises have been established in Hainan, reflecting China’s ongoing efforts to promote free trade and high-standard opening-up.
Source: zawya.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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