BEIJING, Nov. 18 (Xinhua) -- Preparatory work for China's Hainan Free Trade Port (FTP) to commence special customs operations is "basically complete," the country's customs authorities revealed on Tuesday, as the one-month countdown to the launch of the FTP began.
A comprehensive regulatory system tailored to the special customs operations has been established, involving five key policies and announcements, along with local customs regulations and internal operational guidelines, according to Pan Cheng, an official of the General Administration of Customs (GAC).
For its special customs operations, the Hainan FTP will implement a special supervision model described as "freer access at the first line, regulated access at the second line, and free flows within the island."
The "first line" refers to Hainan's connection with overseas markets. At this point, goods will enter the island more conveniently, benefiting from zero tariffs and expedited clearance, with the number of items that must be declared reduced from 105 to 33, said Gao Ruifeng, head of Haikou Customs.
The number of items that must be declared at the "second line," which refers to the customs boundary between Hainan and the mainland, will also be significantly lower, facilitating the operations of foreign trade companies, Gao told a press briefing.
Another favorable measure is the further optimization of a policy exempting duties on goods that have added a certain value in Hainan via processing, making it easier for companies to qualify.
"This will help stimulate the growth of local manufacturing industries and foster the development of industrial chains and clusters," said Xin Yan, another GAC official.
Among efforts to facilitate the construction of the Hainan FTP, China has this month improved the island's offshore duty-free shopping policies, with measures such as those broadening the scope of eligible duty-free goods.
From Nov. 1 to 17, there was a surge in offshore duty-free shopping in Hainan, with total duty-free sales approaching 1.33 billion yuan (about 187.7 million U.S. dollars), which was up 28.52 percent from the same period last year, official data shows.
