HAIKOU, May 21. /TASS/. The Chinese State Council approved the creation of an integrated bonded area of Haikou airport in the province of Hainan. According to the Hainan Daily, the area located near Meilan International Airport will contribute to the development of the region's aviation industry.
Haikou Airport's bonded area reaches 0.44 sq. km. Two projects are being implemented on its territory: an integrated aircraft maintenance base and an aircraft engine maintenance base. The new territory with a special tax and customs regime is located in the airport economic zone of Haikou's new Jiangdong District
A bonded zone is a territory with a special customs status, which is used for the accumulation, storage and distribution of goods. Its characteristic feature is the ability not to pay taxes and customs duties until the purchase of goods by the customer.
The new area at Meilan Airport is the third such area on Hainan. Earlier, the province established Yangpu Port Bonded Area and Haikou Comprehensive Bonded Area (Haikou Integrated Free Trade Zone). They promote commerce and investment in Hainan's Free Trade Port.
On June 1, 2020, the Central Committee of the Chinese Communist Party and the Chinese 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 intends to implement to develop this region. The Chinese government intends to turn the entire island into a special customs zone.
According to the program, the Chinese authorities plan to generally complete the creation of Hainan's free port in 2025. By this time, a system for ensuring free trade and investment should be created on the island.