Hainan’s Special Customs Regime to Drive Innovation and Openness, Expert Says

• The special customs regime at Hainan Free Trade Port, launched December 18, aims to transform the island into a global hub for innovation and services.
• The move demonstrates China’s strong commitment to openness and is expected to boost foreign trade and investment in Hainan.
• Hainan’s large territory, proximity to major trading partners, and access to China’s vast market give it unique advantages over other hubs like Singapore and Dubai.
• The new regime expands the list of duty-free imports from 1,900 to 6,600 items, benefiting most enterprises and organizations on the island.
• The initiative is seen as a model of China’s openness and shared development amid global protectionist trends.

Source: tass.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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