Translation. Region: Russian Federation –
Source: People's Republic of China in Russian – People's Republic of China in Russian –
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Source: People's Republic of China – State Council News
BEIJING, March 28 (Xinhua) — Since the launch of independent customs operations throughout Hainan Island on December 18 last year, the Hainan Free Trade Port (HFTP) has begun to tangibly show the fruits of institutional openness, giving new impetus to global trade and investment.
The results of the world's youngest and largest free port, located in the island province of Hainan in southern China, are already evident. Over the past 100 days, the Hainan Free Port's foreign trade volume has exceeded 80 billion yuan (approximately $11.6 billion), an increase of 32.9 percent year-on-year. The port welcomed 737 new foreign-invested enterprises, including Siemens Energy /Hainan/ Co., Ltd. The number of visa-free passengers entering the Hainan Free Port increased by more than 54 percent.
Currently, the share of duty-free tariff lines in the Hainan Free Trade Zone has increased to 74 percent, compared to 21 percent before the independent customs operations regime was introduced. Imported products whose added value after processing in Hainan reaches at least 30 percent of their original value will be able to be imported for sale in other regions of China without customs duties.
These data highlight the viability of the Hainan FTA and the high attractiveness of its institutional advantages to stakeholders worldwide.
Representing the highest level of openness in the modern world, free trade zones play a unique and important role in connecting markets, attracting investment, maintaining stability in production and supply chains, and promoting free trade. In doing so, they contribute to strengthening global stability.
The Hainan Free Trade Zone (FTP) has enormous potential for growth in free trade and investment. Its unique location along the Belt and Road links domestic and international markets. China is striving to transform the FTP into a key gateway to the country's opening up in the new era.
Preliminary results indicate that the Hainan Free Trade Port is becoming a new frontier in China's opening-up process and a new hub for global cooperation. During its construction, China will steadily increase its level of openness in key areas such as trade, investment, and factor flows, while gradually establishing a policy and institutional system commensurate with its status as a high-level free trade port.
Unilateralism and protectionism are on the rise, and the international trade and economic order is facing serious challenges. A commitment to openness and inclusiveness, as well as promoting mutually beneficial cooperation, is more important than ever to stabilizing the global economy.
The Hainan Free Trade Zone is an opportunity for both China and the world. By expanding institutional openness, it has every opportunity to further boost free trade and an open global economy.
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