Hainan to expand benefits provided to businesses under zero-tariff policies

The benefits provided to businesses under zero-tariff policies will be expanded after the Hainan Free Trade Port launches the island-wide special customs operations on Dec 18.

Zhou Zheng, deputy director of the Hainan Provincial Department of Finance, said on Monday, "Following the special customs operations, the 'zero-tariff' rate will jump from just over 20 percent to 74.1 percent. The three policies — the list of taxable imported goods, tax policies for cargo circulation, and the import tariff exemption policy for products with no less than 30 percent added value after processing in Hainan — have been further optimized and expanded, improving applicable conditions, the scope of eligible entities, and other relevant aspects. These improvements reflect our ongoing reforms to establish a tax system that aligns with the standards of a high-level free trade port."

Reporters: Chen Bowen, Wang Zhuoqiong

Video: Ma Mengmeng