Measures to speed up trade in services and goods, says Ministry of Commerce
China has come out with 28 new measures to support the high-quality development of the Hainan Free Trade Port, with an added focus on facilitating faster goods and services trade, the Ministry of Commerce said on Monday.
The new measures are a response to the demand of market players and aim to bolster high-quality development of the Hainan FTP so as to achieve its high standard and phased development goals, the ministry said. They are also a detail-oriented implementation of the master plan for the development of the Hainan FTP announced in June last year.
Thirteen measures focus on goods trade while the rest deal with services. The Yangpu bonded port in Hainan province will pilot a special Customs supervision area where imports and exports of crude and refined oil will not be subject to the general regulations governing enterprise qualification and quantity. Sugar imports in the area will be exempt from the total tariff quota management.
In some special areas, import licenses for mechanical and electrical goods will not be needed, while support for the development of secondhand car exports and new offshore international trade was also announced.
Hainan has been authorized by the central government to allow international vessels refueling bonded oil in the province.
The Hainan FTP will also pilot the examination and approval institutions to enhance early detection and management of safety risks associated with exports and imports.
In addition it will set up work stations to help deal with trade frictions. Trade adjustment assistance programs will also be launched.
As for services trade, the new measures will allow foreign institutions to independently organize foreign-related economic and technological exhibitions except for those using words such as "China "or "National" in their names.
Registration requirements for commercial activities regarding technology imports and exports, and licenses for setting up auction firms have been canceled.
Fast track for services export and import safety management cooperation between the ministry and Hainan province will be established, and in some key areas, domestic regulations will be standardized to support the latter's free trade and trade facilitation in the services sector.
Sang Baichuan, an economics professor at the University of International Business and Economics in Beijing, said the new measures will speed up construction of the Hainan FTP and bring benefits to international trade and economic exchanges.
"The new measures will also provide strong policy basis for the high-quality development of the Hainan FTP and contribute to the establishment of the dual-circulation development paradigm," he said.
"They also demonstrate China's determination to promote the liberalization and facilitation of international trade, to support an open world economy and contribute to economic globalization."