Global EditionASIA 中文双语Français
China Daily / 2020-06 / 03 / Page013

Hainan bets on FTP to spur consumption

By WANG ZHUOQIONG and ZHU WENQIAN in Beijing and MA ZHIPING in Haikou | China Daily | Updated: 2020-06-03 00:00

Import levy and tax cuts to promote duty-free product purchases on island

China's plan to transform Hainan into a free trade port is expected to spur local consumption and enhance competitiveness of duty-free products, while greatly stimulating tourism and aviation industry on the island, experts said on Tuesday.

The plan, which covers key measures regarding the implementation of the free trade policy system, includes exemptions of import duty, value-added tax and consumption tax on imported goods purchased by island residents. It also includes measures to increase the quota for offshore duty-free shopping to 100,000 yuan ($14,020) per person every year from 30,000 yuan and increase the number of categories of duty-free products.

Zhao Ping, director of the international trade research department at the Academy of China Council for the Promotion of International Trade, said earlier residents on the island were not eligible to purchase duty-free products without tickets to depart the island. The new plan will allow island residents to buy duty-free products.

Report cites rights progress in Tibet

Most Viewed

Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349