At the Sixth People’s Congress of Hainan Province held on January 24, Feng Fei, Acting Governor of Hainan Province, stated that Hainan will initially establish a free trade port policy system during the "14th Five-Year Plan" (2021-2025) period. , And strive to have the hardware conditions for customs closure by the end of 2023, and complete the preparations for customs closure by the end of 2024.

The so-called "customs closure" refers to the formation of a special customs supervision area within a certain range. According to the plan, Hainan will implement a zero-tariff system for island-wide customs operations. By then, many overseas commodities will not have corresponding tax costs after entering Hainan.

In June 2020, the General Secretary of the Communist Party of China Xi Jinping issued instructions on the construction of Hainan Free Trade Port, requesting the docking of international high-level economic and trade rules, promoting the free and convenient flow of production factors, and building a free trade port with high quality and high standards.

Feng Fei said that Hainan will complete the relevant tasks of the first phase of the free trade port during the "14th Five-Year Plan" period, promote the overall business environment to reach the domestic first-class level, and reform key areas such as investment and financing, land management, park construction, and state-owned enterprises. Make a breakthrough first.

Feng Fei also stated that the Hainan Free Trade Port construction plan is gradually on the right track and will form a "3+1" industrial development pattern in the "14th Five-Year Plan" period for tourism, modern service industries, high-tech industries, and tropical characteristics and efficient agriculture. Promote an average annual growth of more than 10% in regional GDP, and at the same time improve the island-wide tax-free sales network, attracting 300 billion yuan (S$61.5 billion) from tax-free shopping. Editor/Xu Shengpeng