HAIKOU /China/, December 18. /TASS/. The launch of a special customs regime at the Free Trade Port of China’s Hainan Province on December 18 will serve as a catalyst for transforming the island into a new global hub for innovative industries and services, Deputy Director of the Swedish Belt and Road Institute Hussein Askari said in an interview with Xinhua.

The launch of the Hainan Free Trade Port under a special customs control regime is a landmark step for China, demonstrating the country’s firm commitment to expanding openness, the expert believes. He noted that steady growth in foreign trade volumes and inflows of foreign direct investment into Hainan clearly confirm the advantages of China’s openness policy.

Askari, who has studied China for many years, recalled Hainan’s historical role as a key transshipment hub on the Maritime Silk Road for traders from Arab countries and the Indian Ocean coast. In his assessment, Hainan has unique competitive advantages compared with centers such as Singapore or Dubai.

“It not only covers a large territory, but also relies on China’s vast market — the world’s second-largest economy. China has the largest and most comprehensive industrial system, capable of supplying Hainan with high-quality products, while the growing large-scale consumer market will become a source of its prosperity,” the expert emphasized. He also pointed to the island’s advantageous location close to China’s major trading partners, such as ASEAN countries.

Askari described the Hainan Free Trade Port as an embodiment of China’s course toward continuously expanding openness, creating predictable and transparent conditions for the free movement of goods, capital, and people. Amid rising global protectionist trends, the expert highly praised China’s innovative and responsible open stance.

“China’s growth and openness are a gift to the world. The idea of shared development and common prosperity is an important revelation for many countries,” Askari concluded.

Under a previously approved schedule, Hainan Province is transitioning to the new customs regime starting December 18. This means, in particular, that the list of products exempt from import duties into the province will expand from 1,900 to 6,600 items, covering up to 74% of the entire commodity range. The preferences will apply to “virtually all enterprises, institutions, and private non-profit organizations on the island that have a genuine need for imports.”