China has recently launched island-wide special customs operations in the Hainan Free Trade Port (FTP), a move widely seen as the latest step in the country’s institutional opening-up. The initiative is expected to better connect global markets with China’s vast domestic demand and create new opportunities for economies across the Asia-Pacific and beyond.

“From the establishment of Hainan special economic zone to the most recent launch of island-wide special customs operations in the Hainan Free Trade Port, Hainan has left a deep mark in the course of China’s reform and opening-up,” at the press conference on 23rd, Foreign Ministry Spokesperson Lin Jian responded to questions related to the Hainan Free Trade Port. 

He noted that the goal of “developing the Hainan Free Trade Port to high standards” has been written into the Recommendations of the Central Committee of the CPC for formulating the 15th Five-Year Plan for National Economic and Social Development, adopted at the fourth plenary session. He added that Hainan FTP is expected to become an important gateway for China’s high-standard opening-up.

In the face of growing uncertainties in global economy, China’s response is to deliver its commitment of opening up with concrete actions, to fight protectionism with firm resolve, and promote an open world economy. China’s negative list for foreign investment access has shrunk, restrictions of access for the manufacturing sector have been brought down to naught, zero-tariff treatment for 100 percent tariff lines has been granted to all LDCs that have diplomatic ties with China, and visa-free policy and visa-free transit have been upgraded. From January to November, China has established over 60,000 new foreign-invested companies, up by 16.9 percent year-on-year, and total trade volume of goods has exceeded RMB 41 trillion yuan, up by 3.6 percent year-on-year. China has continued to step up the width and depth of its opening up, to be a stronger magnet for foreign markets and to demonstrate the resilience and vitality in trade, according to Lin Jian.

Lin concluded by emphasizing that the recent Central Economic Work Conference has identified staying committed to opening up and promoting win-win cooperation in various areas as one of the major tasks for next year. China will open even wider and generate even more development opportunities. This will inject new momentum for global common prosperity. 

(Source: The Ministry of Foreign Affairs of China)