HAIKOU, April 28. /TASS/. The Chinese government has unveiled 28 measures to liberalize trade in goods and services in Hainan's free port. According to a document published on the website of the Chinese Ministry of Commerce, these measures will be implemented by 2025.
The Chinese authorities have outlined 13 measures to facilitate trade in goods on Hainan. In particular, they imply a weakening of control over the import and export of crude oil and oil products in the bonded port zone of Yangpu in the north of Hainan, an area with a special tax and customs regime. The harbor is also expected to end the regulation of tariff quotas on imported sugar.
In addition, 15 trade liberalization measures will affect trade in services in the province. The authorities' actions are aimed at supporting the development of digital commerce, creating a base for the "export of national culture", removing restrictions for foreign organizations on holding exhibitions that do not include the word "China" and its derivatives in the title, as well as other aspects of the service sector.
On June 1, 2020, the Central Committee of the Chinese Communist Party and the State Council published a program to create a free trade port on Hainan. The document provides for several dozen targets, tasks and measures that the country's leadership sets for the development of this region. According to the government's directive, China will turn the entire island into a special customs zone.
According to the program, the Chinese authorities plan to generally complete the creation of a free port on Hainan in 2025. By this time, a system for ensuring free trade and investment should be established on the island.