Hainan FTP to become important gateway of China's high-standard opening up

China launched island-wide special customs operations in the Hainan Free Trade Port (FTP) on Dec. 18, the world's largest FTP by area, allowing freer entry of overseas goods, expanding zero-tariff coverage, and introducing more business-friendly measures.

The move is widely seen as a landmark in China's efforts to promote free trade and expand high-standard opening-up amid rising protectionism worldwide.

As the policy came into force, major ports across Hainan saw a surge in activity on Dec. 18.

At Yangpu Port, one of the island's eight "first-line" customs ports, the first batch of zero-tariff petrochemical imports, totaling 179,000 tonnes, arrived, with the shipment expected to save close to 10 million yuan (about 1.42 million U.S. dollars) in import-stage costs compared with before the launch.

From the establishment of Hainan special economic zone to the most recent launch of island-wide special customs operations in the Hainan Free Trade Port, Hainan has left a deep mark in the course of China’s reform and opening-up.

Next, China will support Hainan in aligning its institutional framework with a high-standard FTP, including support in areas such as trade administration, investment environment and cross-border data flows. Hainan FTP will become an important gateway of China’s high-standard opening up.