A view of Sanya Bay in Hainan province. (Photo provided to chinadaily.com.cn)
Hainan will introduce measure that centers on zero tariffs on goods in steps and phases to enable the free flow of trade, said a senior official from the Ministry of Finance.
"Before the island-wide customs clearance operation in 2025, some imported goods are exempted from import duty, value-added tax and consumption tax," Zou Jiayi, vice-minister of Finance, told a news conference held in Beijing. "After that, goods outside the imported taxable commodities will be exempted from import duties."
According to her, Hainan Free Trade Port will establish a zero-tariff negative list and three positive lists, with a key focus on supporting high-tech, ecological and environmental protection and specialty industries. More efforts will also be made to gradually shorten the negative list and expand positive lists in the future.
