Get ready for a game-changer! Starting this Friday, December 18, China’s Hainan Free Trade Port (FTP) will roll out island-wide special customs operations. This milestone marks a fresh chapter in the country’s 22 free trade zones (FTZs) 🌟
What’s Happening?
On December 18, Hainan’s FTP rolls out island-wide customs ops: overseas goods dock with zero tariffs and lightning-fast clearance 🚢⚡. At the customs line between Hainan and the Chinese mainland, standard checks will keep trade fair and secure.
A Network of 22 FTZs
Since 2013, China’s FTZ program has grown from the original Shanghai Pilot FTZ into 22 zones spanning coastal, inland and border regions. Each zone plays to its strengths: coastal hubs for advanced manufacturing and modern services, inland zones for logistics and industrial upgrading, and border areas for cross-border trade.
Engines of High-Quality Growth
Zhejiang FTZ’s Zhoushan oil & gas cluster hosts over 12,000 firms; Tianjin FTZ is the world’s No.2 aircraft leasing hub ✈️; Hubei FTZ leads in optoelectronics with 16,000+ companies; Jiangsu FTZ is booming in biopharma. Border zones like Yunnan’s cross-border e-commerce hub and Urumqi’s innovation park are also on the rise.
Testing Ground for Reforms
FTZs are where China experiments with big ideas: Shanghai introduced the first negative list for foreign investment, slashing it from 190 to 27 items. Hainan pioneered the negative list for cross-border services trade. These reforms are opening finance, trade and digital markets 🚀.
Why It Matters
In 2024, the 22 FTZs handled 8.59 trillion yuan in imports and exports (20% of China’s total) and attracted $28.25 billion in foreign investment. Hainan’s move elevates this strategy, steering China’s economy toward higher-level openness 🌐
As Hainan FTP sets sail, China’s FTZ strategy shifts from pilot programs to full-speed platforms—fueling a more open, rules-based economy 💪
Reference(s):
Hainan FTP marks new phase for China's network of 22 free trade zones
cgtn.com
