国内英语资讯:Economic Watch: Hainan free trade port -- a new highland of open economy_时事

国内英语资讯:Economic Watch: Hainan free trade port -- a new highland of open economy

The southern island province will further open the tertiary industry by significantly reducing restrictions on market access. Efforts will be made to deepen opening up in the sectors such as shipping, telecommunication, business services, finance, medical care, education, culture and sports, said Shen.

ENHANCING TRADE LIBERALIZATION, FACILITATION

China will support free trade of commodities by granting zero-tariff treatment in an orderly manner and remove non-tariff barriers such as permits and quotas, Vice Commerce Minister Wang Shouwen told a press conference on Monday.

In the first stage, before 2025, certain goods will be exempt from import duties, import value-added tax and consumption tax, while after 2025, import duty exemptions will apply on all imported goods other than those listed in the catalog of imported taxable commodities, said Vice Finance Minister Zou Jiayi.

A pioneering negative list will be formed this year for cross-border service trade at the port to facilitate cross-border delivery, overseas consumption and the flow of people. Cross-border service trade not on the list will be granted free entry into the port.

To bolster consumption in the area, the port will further relax the annual tax-free shopping quota for travelers by raising the limit of purchase from 30,000 yuan (about 4,230 U.S. dollars) to 100,000 yuan per person each year and expanding the categories of duty-free goods, Zou said.