Hainan speeds up customs clearance preparations

Hainan is accelerating preparations in the current year, in order to pave the way for its further development as a major free trade port.

China released a master plan for the construction of Hainan Free Trade Port in June 2020, saying that Hainan should be prepared for customs clearance operations before 2025, and Hainan Island will be transformed into a globally influential free trade port by the middle of the century.

The year 2022 is seen as a crucial year for the preparations for the island-wide customs clearance operations to facilitate the Hainan Free Trade Port's expansion.

At the start of the year, Hainan FTP issued a preparations task list, clarifying 64 items in 11 areas, including port planning and construction, tax policy arrangements and major risk prevention and control.

In terms of the construction of facilities, Hainan has plans for more than 50 customs projects, with a total investment of 18 billion yuan ($2.8 billion).

It will also design policies and systems for such things as tax arrangements, financial support, laws and regulations and various institutional guarantees will be accelerated.

In addition, Hainan will move to provide more guidance and support for project funding arrangements, creating new policies and being proactive in other areas.