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First batch of duty free auxiliary goods delivered to China's Hainan

In November, the Chinese Ministry of Finance ordered the exemption from import duties on raw materials and auxiliary goods imported by Hainan

HAIKOU, December 3. /TASS/. The first batch of duty free auxiliary goods arrived in China's Hainan, reported Xinhua.

Since the beginning of December, the Chinese authorities have canceled the import duty, VAT and consumption tax on a wide range of imported auxiliary goods and raw materials purchased by Hainan. The first such shipment to arrive in the province was a shipment of weather radar transceivers from Hainan Airlines. Equipment for the air carrier worth 3.8 million yuan (about $ 579,000) was exempt from taxes in the amount of 530,000 yuan (about $ 80,000).

In November, the Chinese Ministry of Finance ordered the exemption from import duties on raw materials and auxiliary goods imported by Hainan. The list of 169 categories includes the goods used in manufacturing and services. In particular, it included agricultural products, energy resources, chemical raw materials, various types of wood, boat motors, parts from boats and yachts, radar and aerospace equipment. These products are exclusively for businesses registered in Hainan and cannot be sold or exported outside the island.

In April 2018, President Xi Jinping said that the Chinese authorities intend to actively involve Hainan in globalization and to draw foreign investors to the island province. By 2050, according to the authorities, the island should become a unique international cluster with an advanced economy, developed tourism, top-notch scientific, technical and financial potential, and modern medicine. The branches of the best universities and offices of the most powerful corporations in the world will be located on the Island of Hainan.

By 2025, the Chinese government intends to create an "international center for tourism and consumption" on Hainan. In order to do so, the "Eastern Hawaii" with their unique natural landscapes, thick rainforests and great climate will establish a developed network of hotels, which blend perfectly with white sandy beaches stretching along the coastline. The combination of an exotic subtropical nature and a modern eco-friendly infrastructure will boost tourist inflow to the island from the most distant parts of the world.

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