BEIJING: The benefits of zero-tariff policies for businesses will be expanded after the Hainan Free Trade Port launches the island-wide independent customs operation, according to guest speakers on the latest episode of the China Economic Roundtable, an all-media talk show hosted by Xinhua News Agency.
For businesses, development potential will be broadened significantly. The scope of zero-tariff goods will be expanded greatly, import and export regulations will be relaxed further, and import costs will be lowered, enabling companies to better integrate into global industrial and supply chains, said National Development and Reform Commission official Cai Ping.
Following the launch of the island-wide independent customs operation, zero-tariff policy beneficiaries will broadly include all enterprises and institutions across the island with actual import needs, including privately run non-enterprise entities, said Wu Jingfang, deputy head of the tariff department of the Ministry of Finance.
The number of zero-tariff goods will increase from about 1,900 items to approximately 6,600, accounting for 74 percent of all tariff categories. This expansion is expected to reduce production costs further for eligible beneficiaries, Wu said.
Additionally, the circulation of zero-tariff goods and related processed products will be permitted among eligible beneficiaries without incurring import taxes, Wu noted.
China's Hainan Free Trade Port will launch the island-wide independent customs operation officially on Dec 18. – Xinhua
