Hainan issues measures to support foreign trade development

On Sept 23, Hainan launched the Measures to Enhance Cross-border Trade Facilitation and Support High-Quality Development of Foreign Trade.

The measures consist of 32 items, focusing on the needs of the Hainan Free Trade Port construction and the province's four leading industries. They cover several aspects including supporting high-level opening-up and key industrial development, accelerating customs clearance, deepening power delegation and improving regulation and serving market entities, as well as strengthening comprehensive cooperation.

Gao Ruifeng, the director of Haikou Customs said, "We plan to steadily carry out trials on the import and export management system, and on other areas outside the special areas under customs supervision. We will also encourage enterprises to make proper use of the RCEP Agreement and FTP's tariff reduction arrangements to increase exports. We aim to promote both domestic and foreign trade, and help enterprises explore the international market."

From January to August this year, the foreign trade of the province amounted to 125.75 billion yuan ($17.4 billion), with a year-on-year growth of 45 percent, an extension of the steady growth over 22 consecutive months, which ranks fifth in the country. At present, Hainan has reached trade contacts with 172 countries and regions, and its commodity structure and industries have become further intertwined.

"In the next step, we will conduct a comprehensive assessment of goods under the "zero tariff" list, and consult with the relevant departments to optimize the list. The value-added processing policy is expected to be expanded to the entire island, further enhancing trade facilitation in the Hainan FTP," said Han Shengjian, director of the Hainan Provincial Department of Commerce.