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China rolls out 28 policies liberalizing trade in Hainan

Regional Policies 2021-04-28 283 0

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Reference:Businessline | Updated:28 April 2021

Chinese authorities have released a circular of 28 policies and measures to liberalize and facilitate trade in goods and services at the Hainan free trade port. 

The circular was jointly issued by the Ministry of Commerce (MOFCOM) and 19 other government bodies. 

In terms of the trade in goods, the country will implement 13 policies, such as allowing certain regions to pilot the easing of controls on the import and export of commodities like crude oil and refined oil. The import of sugar at the Hainan free trade port will also be excluded from tariff rate quota management. 

Regarding trade in services, the country will adopt 15 measures, including supporting the establishment of national cultural export bases. 

MOFCOM, together with relevant government bodies, will put all the policies and tasks into practice, and will advance trade liberalization and facilitation at the Hainan free trade port, said Tang Wenhong, an official with MOFCOM.

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