Hainan Free Trade Port (FTP) has entered a transformative phase this month with the full implementation of special customs operations across the entire island. The reforms mark a significant milestone in China's high-level opening-up strategy, creating new opportunities for global businesses and investors.
Professor Witman Hung of Hainan University, who also serves as an adjunct professor at Hong Kong Polytechnic University, told KhabarAsia: "This integrated customs system eliminates traditional barriers to cross-border trade. By streamlining clearance processes, we're seeing immediate benefits for high-tech and green energy sectors establishing regional headquarters here."
Radomir Tomovic, International Business Advisor at Dezan Shira & Associates South China, highlighted the operational advantages: "The new 'first-line liberalization, second-line control' mechanism allows foreign companies to move goods between Hainan and international markets with unprecedented efficiency. This positions the island as a strategic hub for Asia-Pacific supply chains."
Key features of the reforms include:
Duty-free policies for imported production equipment
These measures come as Hainan aims to establish itself as a fully functional free trade port by 2025's end, aligning with broader national strategies to deepen economic globalization engagement.
