What does it mean that Hainan Free Trade Port will launch preparations for the closure of the entire island?
2023-03-31
Hainan Free Trade Port is getting closer to the operation of customs closure. On March 29, it was mentioned at the first press conference that "the boom is just at the right time - Hainan has made progress in comprehensively deepening reform and opening up in the past five years" that Hainan will fully launch preparations for the operation of the island wide customs closure. According to the "Overall Plan for the Construction of Hainan Free Trade Port" (hereinafter referred to as the "Overall Plan"), Hainan will timely start the operation of closing customs throughout the island before 2025. Wang Yiwu, former member of the Hainan Provincial Committee of the Chinese People's Political Consultative Conference and president of the Hainan Modern Management Research Institute, said in an interview with the First Finance and Economics reporter that the so-called customs closure operation refers to the establishment of a special area under customs supervision throughout the island of Hainan. In this specific area, the concept of "customs closure" can be abbreviated as: first line liberalization, second line control, zero tariff on imported goods within the island (freedom within the island). The so-called "first line" refers to the connection between Hainan Free Trade Port and the world, and the opening up of the "first line" means smoother connection with the world. "Second line" refers to the connection with China, and the management of "second line" indicates that the connection between Hainan Free Trade Port and China will be managed in the future. The object of management is mainly goods, commodities, and means of transportation rather than personnel, and personnel will be managed in a convenient and non influencing manner. The core scope of customs closure operations is in the economic and trade field, targeting economic activities. "The closure of the entire island of Hainan is not to close Hainan into an isolated island, but to use the closure as an opportunity to invigorate free trade within the island, form a larger radiation radius, and thus form a magnetic field effect." Xu Hongcai, Deputy Director of the Economic Policy Committee of the China Policy Science Research Association, previously introduced. Xu Hongcai also stated that the closure of the entire island of Hainan requires various preparations for hardware conditions. In the past few years, Hainan has increased investment in this area, such as accelerating the implementation of projects in the process of integrated development of Danzhou Yangpu Port, and expanding Meilan Airport. In the future, it is necessary to further increase the supporting capacity of hardware facilities such as shipping and aviation infrastructure, as well as improve the supporting capacity of software such as business environment and financial services. Zero tariff is a major feature of Hainan Free Trade Port after its closure and operation. According to the Overall Plan, Hainan will implement zero tariff positive list management on imported goods consumed by island residents, allowing them to purchase duty-free goods. What does zero tariff mean? A former government official from Hainan Province once cited as an example, "The cost of importing yacht taxes can be reduced by 38%. For example, if you imported a yacht with 10 million yuan, you would have to pay 3.8 million yuan of tax. However, if you purchased an imported yacht with 10 million yuan in Hainan, you would not have to pay 3.8 million yuan of tax." On March 15, the Hainan Provincial Leading Cadre Conference was held in Haikou, where Feng Fei, the secretary of the Hainan Provincial Party Committee, stated at the meeting, We need to accelerate preparations for customs clearance operations, accelerate the construction of software and hardware facilities, comprehensively carry out stress testing, and continuously improve the innovation level of system integration. At the same time, he proposed to focus on "competing for talent, attracting investment, opening up, and reforming", focusing on expanding effective investment, expanding and strengthening the export-oriented economy, and continuously boosting consumption, in order to fully promote high-quality economic development. (Liao Xinshe)
Edit：Hou Wenzhe Responsible editor：WeiZe
Source：YiCai Net
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