October 30: According to information released by China’s Ministry of Commerce on Thursday (October 29), four central government departments—the Ministry of Commerce, the National Development and Reform Commission (NDRC), the Ministry of Ecology and Environment, and the General Administration of Customs—have jointly issued a circular on further elevating the level of trade liberalization and facilitation in the Hainan Free Trade Port (FTP).
The circular outlines 16 concrete policy measures across three strategic dimensions: accelerating the upgrade and development of trade in goods, expanding the freedom and facilitation of trade in services, and fostering innovative forms and models of international commerce.
In the realm of goods trade, supportive measures—including bonded supervision, bonded delivery, and research and testing—have been introduced with a strategic focus on key pillar sectors such as automobiles and advanced petrochemical materials. These initiatives aim to deepen the integrated development of trade and industry, reinforce industrial supply chains, address supply bottlenecks, and support value chain expansion.
In trade in services, autonomous opening up will be further expanded across sectors such as healthcare, insurance, and the mutual recognition of professional qualifications. Concurrently, procedures for foreign nationals entering the country and practicing professions will be streamlined, accelerating the innovative growth of priority industries including tourism and modern services.
Regarding new business formats and models, the circular calls for exploring the expansion of emerging sectors such as bonded repair and remanufacturing, supporting comprehensive cooperation between the Hainan Free Trade Port and Hong Kong, elevating coordinated development with the Guangdong-Hong Kong-Macao Greater Bay Area, and unleashing fresh growth momentum for trade expansion.
Source: Shwarna, Touhid, Lily | China Media Group (CMG)