VCG China on Thursday launched island-wide special customs operations in south China's Hainan Free Trade Port (FTP), the world's largest FTP by area, allowing freer entry of overseas goods, and expanded zero-tariff coverage and more business-friendly measures.
There is no need to go through customs formalities for goods transshipped to the rest of China at the Hainan Free Trade Port. They shall be loaded and unloaded at the workplaces (sites) under customs supervision in the free trade port, stored separately from other goods under customs supervision, and identified with obvious marks.
China already has 22 free trade zones (FTZs), but Hainan represents a fundamentally different level of openness. Most FTZs are limited to specific urban areas and focus on upgrading local industries. Hainan has transformed an entire island into a unified free trade port, with its own customs, tax and regulatory system.
26. Phased implementation. Based on different phases of the construction of Hainan Free Trade Port, zero tariffs, low tax rates and a simplified tax system will be arranged and implemented in steps to develop an internationally competitive tax system. (9) Social governance.
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