16 Jan, 08:24

Duty-free sales of processed products in Hainan top $287 mln in 2024

More than 170 companies participate in the program

HAIKOU /China/, January 16. /TASS/. The volume of duty-free sales of value-added processed products in the southern Chinese province of Hainan reached 2.04 billion yuan ($287.3 million) in 2024, China News Service said with reference to a local government report.

According to the document, the policy of duty-free sales of value-added processed products has already been extended to the entire province. More than 170 companies are participating in the program.

According to the document, the zero tariff policy on manufacturing equipment has so far benefited 117 enterprises, which have received tax breaks totaling 890 million yuan ($125.3 million). The same policy in the transport sector has resulted in tax relief for 350 companies worth about 2 billion yuan ($281.6 million).

Duty-free sales at the Hainan Provincial Free Trade Port in 2024 also saved companies more than 200 million yuan ($28.1 million) in costs, while the output of value-added goods increased to 5.95 billion yuan ($838 million), according to the data.

In June 2020, the provincial government released a program for the development of a free trade port in Hainan, which includes turning the island into a special customs zone. The national government expects the Free Trade Port to be generally completed in 2025, by which time the island should have a system to ensure free trade and investment.

By 2035 the free port will have developed into a mature system. By that time, Hainan is expected to have the freedom of trade and investment, cross-border movement of capital, travel, and cargo transportation.

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