China launches island-wide special customs operations in Hainan FTP

HAIKOU - China on Thursday launched island-wide special customs operations in the Hainan Free Trade Port (FTP), the world's largest FTP by area, allowing freer entry of overseas goods, expanded zero-tariff coverage and more business-friendly measures.

The move is widely seen as a landmark step in China's ongoing efforts to promote free trade and expand high-standard opening-up at a time of rising protectionism worldwide.

Under the new arrangements, the tropical island of more than 30,000 square km has been designated as a special customs supervision zone. This marks a new stage in the development of the Hainan FTP, which enables freer flows of goods, capital, personnel and data, supported by zero tariffs, low tax rates and a simplified tax system.