Hainan FTP sees major tariff cuts since special customs operations

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A view of the Yangpu International Container Port in the Yangpu Economic Development Zone in southern China's Hainan Province. /VCG

The Hainan Free Trade Port (FTP) in south China's Hainan Province saw a surge in transactions involving zero-tariff goods during the first 100 days of its island-wide special customs operations, according to official data released on Thursday.

Since the landmark move, the FTP's total import and export value has exceeded a combined 80 billion yuan (about $11.6 billion), representing a 32.9% increase year on year. Under the zero-tariff policy, 186 transactions were completed, with goods totaling nearly 1.7 billion yuan, an increase of 146% over the previous year. These zero-tariff transactions resulted in 271 million yuan in customs duties being exempted.

The data was released at a press conference a day before the 100-day mark.

On December 18 last year, China launched island-wide special customs operations in the Hainan FTP, the world's largest FTP by area, allowing freer entry of overseas goods, expanding zero-tariff coverage, and introducing more business-friendly measures.

Why special customs operations launched in Hainan FTP is pivotal

Source(s): Xinhua News Agency

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China's Hainan FTP reports substantial tariff exemptions since special customs operations