Hainan Companies Save Over $129 Million With Zero Tariffs 21:40

The zero tariff policy on raw materials and auxiliary materials in China’s Hainan province since December 2020 has helped local companies save at least 900 million yuan (about $129.7 million) when purchasing goods from abroad. reported. Hinews.cn.

It was noted that since the end of 2020, local businesses have imported goods worth 7 billion yuan (approximately $990 million).

The innovation freed up goods, including import duties. The list of raw materials and auxiliary materials, which was originally 169 positions, was later expanded to 356 positions. The list included agricultural products, coal, chemicals, parts for aircraft and shipbuilding, bioengineering-related products and pharmaceuticals.

The publication writes that the expansion of the list has accelerated the development of the high-tech district of the urban district on the island of Hainan – Haikou, one of the most important industrial parks in the province.

Hainan Governor Feng Fei in April 2021 knowledgeableInvestors from Russia and 80 other countries come to this resort area. Later, experts told socialbites.ca that they created paradise conditions for investments on the island, but at that time entrepreneurs from Russia did not know how to use the Chinese free trade zones.

Source: Gazeta


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