Hainan Free Trade Port: Gateway to Economic Expansion

The Hainan Free Trade Port (FTP) in China is set to launch comprehensive customs operations on December 18, marking a significant step in China's high-level economic openness. This initiative aims to enhance the free flow of goods, capital, and services, heralding a new era of institutional transparency.

A notable advancement involves the registration of Xiang Tai Kou, China's first zero-tariff bareboat-chartered import vessel, saving substantial costs due to Hainan's policies. President Xi Jinping emphasized this move as vital for fostering a market-oriented, law-based, and internationalized business environment.

The FTP will implement a dual-tier customs system, enabling free trade between Hainan and overseas regions while maintaining standard controls with the mainland. This expansion could significantly boost foreign investment, already increasing annually by 14.6% over five years.