China eyes boost to free trade in Hainan through policies

China is preparing a package of preferential policies to further facilitate free trade, investment and cross-border capital flows in China's southern Hainan free trade port, in a move to build a free trade port with high quality and high standards in Hainan, officials said on Monday.

Cong Liang, deputy head of the National Development and Reform Commission, said the country has been actively promoting the construction of major projects in Hainan free trade port.

"We will work out an action plan for the construction of major projects of Hainan free trade port, and set up a reserve system for major projects," Cong told a news conference in Beijing.

Vice-Minister of Commerce Wang Shouwen said the ministry has drafted a negative list of cross-border service trade in Hainan free trade port, and a slew of measures will be released to further advance trade liberalization and facilitation in the island.

The Ministry of Commerce, together with other 19 departments, will jointly unveil 28 special measures in the near future to promote liberalization and facilitation of trade in goods and services, Wang said.

According to him, the country will relax curbs on import and exports of crude oil, refined oil, sugar and other goods in special fields, cancel measures for automatic import licenses and import licenses for mechanical and electrical products, and allow technology imports and exports business not to go through the filing and registration of foreign trade operators.

New measures also include developing the secondhand car export business in Hainan, supporting Hainan to develop new types of offshore international trade and digital, technological and cultural trade, boosting the exhibition economy and innovating the modes of international cooperation in service trade. As such, a new global or regional offshore international trade center and a regional international exhibition hub will be built in the Hainan free trade port.

"In the next step, we will work with relevant departments to increase our support to advance the building of a free trade port in Hainan…" Wang added.

According to him, a package of supportive policies will be unveiled to boost free trade in the island province, including strengthening Hainan's capabilities for risk warning and rapid response to the quality of imported and exported goods and supporting Hainan's participation in the formulation of recommended national standards as well as local and group standards.