A press conference on improving the level of cross-border trade facilitation and supporting the high-quality development of foreign trade was held on Sept 23 in southern China's Hainan province, in which it was announced that Hainan will promote the expansion of the "zero-tariff" list of vehicles, yachts, as well as raw materials in the near future.
To date, national ministries have issued three "zero-tariff" commodity lists. A round of expansion has been carried out on two of these "zero-tariff" lists, covering production equipment and raw materials, to meet the needs of the Hainan Free Trade Port. Since the implementation of these "zero-tariff" commodity lists, 11.68 billion yuan ($1.62 billion) worth of "zero-tariff" goods have passed through customs as of August 2022, with tax reductions reaching 2.14 billion.
Commodities included on the lists include ships, yachts, automobiles, aircrafts, production materials, and production equipment, ensuring coverage of the aerospace, automotive, as well as marine sectors.
In the future, Hainan will conduct a comprehensive assessment of the implementation of the "zero-tariff" commodity lists, consult relevant national ministries on further optimizing and expanding the scope of the lists, as well as increase stress testing. Additionally, Hainan will focus on promoting the expansion of the "zero tariff" list of vehicles, yachts, and raw materials in the near future.
Hainan is working with the Ministry of Commerce to formulate a list of goods and articles prohibited or restricted from imports and exports in Hainan FTP to further enhance the freedom, convenience, as well as openness of goods imports and exports in the Hainan FTP.
