The Chinese government has shed further light on key industries that will be targeted by the proposed Hainan Free Trade Port.
On 1 June the Central Committee of the Chinese Communist Party and the State Council jointly issued the long-awaited “Hainan Free Trade Port Construction Master Plan” (海南自由贸易港建设总体方案), providing a detailed blueprint for its ambitions to create a tariff-free low tax port in the province.
At a press conference held on 8 June deputy commerce minister Wang Shouwen (王受文) said that the Free Trade Port would see the establishment of a “one negative and three positive” “zero tariff” list.
Wang said that China would formulate its first “negative services trade list” for cross-border services and trade in 2020, specifically targeting cross-border payments and offshore consumption.
Deputy commerce minister Zou Jiayi (邹加怡) said that the “one negative three positive” list would encompass:
- A negative list for manufacturing equipment used by enterprises themselves;
- A positive list for transport vehicles, including ships, aircrafts and yachts, that are used by the transit and tourism sectors;
- A positive list for raw materials used in export processing and production on the island itself.
- A positive list for imported commercial goods consumed by residents of the island.