The “China Economic Roundtable” focused on the official launch of the island-wide customs closure at the Hainan Free Trade Port. Huang Hanquan, director of the Macroeconomic Research Institute of the National Development and Reform Commission, explained that for enterprises, after customs clearance, the implementation of a “zero tariff” policy for imported goods and adjusted and optimized processing value-added duty-free rules will drastically reduce operating costs in pharmaceuticals, high-end manufacturing, etc., attract the agglomeration of related industries, and promote the development of emerging industries such as offshore wind power and commercial aerospace. Huang Hanquan believes that after the customs closure, Hainan will meet high-standard international economic and trade rules in fields such as cross-border data flow and intellectual property protection, and that the accumulated results of institutional innovation can be replicated and promoted throughout the country to promote in-depth domestic reforms.

The “China Economic Roundtable” focused on the official launch of the island-wide customs closure at the Hainan Free Trade Port. Huang Hanquan, director of the Macroeconomic Research Institute of the National Development and Reform Commission, explained that for enterprises, after customs clearance, the implementation of a “zero tariff” policy for imported goods and adjusted and optimized processing value-added duty-free rules will drastically reduce operating costs in pharmaceuticals, high-end manufacturing, etc., attract the agglomeration of related industries, and promote the development of emerging industries such as offshore wind power and commercial aerospace. Huang Hanquan believes that after the customs closure, Hainan will meet high-standard international economic and trade rules in fields such as cross-border data flow and intellectual property protection, and that the accumulated results of institutional innovation can be replicated and promoted throughout the country to promote in-depth domestic reforms.