The decision was taken by the Communist Party of China (CPC) central committee.
China’s Hainan Free Trade Port will launch an island-wide independent customs operation in December.
The proportion of tariff lines with zero-tariff products there will rise from 21 per cent to 74 per cent.
Imported goods that undergo at least 30-per cent value-added processing in Hainan can enter China tariff-free.
Certain goods banned or restricted nationwide now will enjoy open policies in Hainan.
The proportion of tariff lines with zero-tariff products in the Hainan FTP will increase from 21 per cent to 74 per cent, Wang said.
Imported products that undergo at least 30-per cent value-added processing in Hainan can enter the mainland tariff-free. Certain goods currently banned or restricted nationwide will enjoy open policies in Hainan.
The number of duty-free items in Hainan will increase from about 1,900 to around 6,600, marking a significant boost in openness, a state-controlled news agency cited Vice Minister of Finance Liao Min as saying.
The scope of eligible beneficiaries will be significantly expanded to include enterprises, public institutions, and private non-enterprise entities in the FTP with actual import needs, Liao said.
Once the independent customs operation begins, zero-tariff imports will be managed under a negative list, he added.
The Ministry of Commerce has issued a list specifying goods and articles prohibited or restricted from import and export in the Hainan FTP.
Preparations on the policy front for the island-wide independent customs operation are already in place, said Feng Fei, secretary of the CPC Hainan provincial committee.
Fibre2Fashion News Desk (DS)
