China launches island-wide special customs operations in Hainan FTP

China on Thursday launched island-wide special customs operations in the Hainan Free Trade Port (FTP), the world's largest FTP by area, allowing freer entry of overseas goods, expanded zero-tariff coverage and more business-friendly measures.

A series of policy and regulatory documents related to special customs operations are being implemented at the same time in accordance with their respective provisions, including the list of goods subject to import tariffs, tax policies for the circulation of goods, lists of goods and items that are prohibited or restricted from import and export, the duty-free policy for domestic sales of processed value-added products, and customs supervision measures.

The move is widely seen as a landmark step in China's ongoing efforts to promote free trade and expand high-standard opening-up at a time of rising protectionism worldwide.

Under the new arrangements, the tropical island of more than 30,000 square km has been designated as a special customs supervision zone. This marks a new stage in the development of the Hainan FTP, which enables freer flows of goods, capital, personnel and data, supported by zero tariffs, low tax rates and a simplified tax system.