Reference News Network, March 14 - According to the Japan Tokyo Shimbun, on March 12, the Fourth Session of the Fourteenth National People's Congress was concluded in Beijing. During this session, the Chinese government mentioned a tariff preference plan for Hainan Island. This policy, which exempts tariffs on more than 70% of imported goods, has been officially implemented since the end of last year. In the context of the trade protectionist policies of the Trump administration in the United States, the Chinese government has introduced unique preferential policies in Hainan to attract enterprises and capital investment.
China issued the "Overall Plan for the Construction of Hainan Free Trade Port" in 2020. In December of last year, the scope of "zero-tariff" goods was expanded from 1,900 tax items to about 6,600 tax items, with the proportion of all commodity tax items increasing from 21% to as high as 74%.
As a company established in the western economic development zone of Hainan Island, Hainan Aoshika International Grain and Oil Co., Ltd. is vigorously carrying out edible oil production work. The factory mainly uses rapeseed and soybeans imported from Canada and Brazil as raw materials. By processing these raw materials on the island, the product value-added is increased by more than 30%, and then the finished products are sold to the domestic market, allowing the company to fully benefit from the tariff reduction policy.
The company's vice general manager Cao Youhua previously stated: "Since its commissioning in July 2021, the company has cumulatively enjoyed tariff reduction amounts of about 300 million yuan, greatly reducing the cost of enterprise operations and stimulating the vitality of enterprise development."
Consumption expenditure is also showing a vigorous growth trend. In 2022, one of the world's largest duty-free shopping centers opened in Haikou, the capital city of Hainan Province. In late February this year, when the reporter visited the site, even on weekdays, many customers were queuing outside the stores of major European and American luxury brands. Japanese jewelry and cosmetics brands have also entered this shopping center.
The Chinese government's work report this year proposed to steadily advance the construction of the Hainan Free Trade Port. This measure has also been listed as a key project in the opening-up policies in the "15th Five-Year Plan." The government expects this initiative to play a role in attracting foreign investment and boosting investment. (Translated by Ma Xiaoyun)
On January 10, customers shopped at the Sanya International Duty-Free City in Hainan. (Xinhua News Agency)
Original: toutiao.com/article/7617015601168466432/
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