Hainan FTP's independent customs operation set to boost market vitality

The launch of an independent customs operation in the Hainan Free Trade Port by the end of this year will substantially reduce business costs, stimulate market vitality and boost free trade at the port, senior government officials said on Wednesday.

They also said the move will introduce comprehensive trade and tax liberalization measures aimed at attracting investment, expanding foreign trade and promoting service-oriented sectors and industrial development in the free trade port.

Speaking at a news conference in Beijing, Wang Changlin, deputy head of the National Development and Reform Commission, said the policy will be implemented at the free trade port on Dec 18, following approval from the Communist Party of China Central Committee.