Hainan authorities showcase potential of their free trade port at presentation in Beijing

Hainan authorities showcase potential of their free trade port at presentation in Beijing The presentation primarily focused on the initial results of the free trade port’s operations following the implementation of a special customs regime across the entire islandHAIKOU, June 25. /TASS/. A presentation on the investment potential of the free trade port in the southern Chinese province of Hainan, held as part of the 4th China International Supply Chain Expo (CISCE), brought together about 600 representatives from foreign governments, diplomatic corps, businesses, and international companies, the Hainan Ribao newspaper reported. Official delegations and representatives of trade and industry associations from Nicaragua, Italy, Lebanon, Senegal, Panama, Uruguay, Togo, and other countries attended the event, as well as representatives of Chinese and international companies, including China Unicom, China Telecom, Charoen Pokphand Group, and Sanofi. The presentation primarily focused on the initial results of the free trade port’s operations following the implementation of a special customs regime across the entire island. According to the organizers, the average time required for customs clearance of imported goods has decreased by 20%, and the amount of information required to declare goods for export to the rest of China has been reduced by more than 60%. As of May 31, 172,100 new business entities had been registered in the province, which is a 61.07% increase compared to the same period last year. The authorities noted that these figures indicate growing business interest in the free trade port's opportunities. During the presentation, representatives from relevant Hainan government agencies briefed participants on key government support mechanisms, including preferential tax treatment, policies allowing duty-free imports of certain categories of goods, the development of priority sectors, as well as opportunities offered by the province’s leading industrial parks. They also gave special attention to practical experience in international business. A Dun & Bradstreet China spokesperson noted that the decision to establish a global cloud data processing hub in Hainan was made due to the free trade port’s pilot programs for cross-border data exchange and telecommunications service liberalization. The event also featured a presentation of the 7th China International Consumer Products Expo. Organizers noted that holding joint events focused on supply chains and the consumer market allows for the formation of a complete business interaction cycle: from finding manufacturing and logistics partners to bringing products to market. 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