Hainan Free Trade Port Relaxes Restrictions on Import-Export Goods

Strategic Insights -

The Sanya Municipal People's Government recently announced the release of the "List of Goods and Articles Prohibited and Restricted from Import and Export in Hainan Free Trade Port," a move aimed at improving trade liberalization and facilitation in the region. According to Yuan Xiaoming, assistant minister of the Ministry of Commerce, the list represents a significant institutional arrangement to support the Hainan Free Trade Port's goal of increasing trade openness. The list has made new explorations based on China's current goods trade management model and has greatly improved the transparency of goods trade management. By canceling import license management for used electromechanical products and allowing bonded maintenance in Hainan Free Trade Port, the list has relaxed restrictions and expanded pilot opening-up.

Key Takeaways:

  • The "List of Goods and Articles Prohibited and Restricted from Import and Export in Hainan Free Trade Port" aims to improve trade liberalization and facilitation in the region.
  • The list comprehensively and systematically lists the scope of import and export goods and articles subject to prohibition and restriction management measures.
  • The list has greatly improved the transparency of goods trade management and has relaxed management measures on some imported goods in combination with the development needs of Hainan Free Trade Port.
  • The list cancels import license management for used electromechanical products with 60 commodity codes, covering about 80% of the used electromechanical products.
  • The list allows products with 38 commodity codes to carry out bonded maintenance in Hainan Free Trade Port, achieving the highest level of openness in the country in this field.
  • Yuan Xiaoming, assistant minister of the Ministry of Commerce, stated that the list is an important institutional arrangement to support Hainan Free Trade Port in improving trade liberalization and facilitation.
  • The list has been released based on the Hainan Free Trade Port Law of the People's Republic of China and the Foreign Trade Law of the People's Republic of China.

Statistics:

  • 60 commodity codes for used electromechanical products have been canceled from import license management.
  • 80% of used electromechanical products included in import license management are covered by the relaxation of restrictions.
  • 38 commodity codes are allowed to carry out bonded maintenance in Hainan Free Trade Port.
  • The list represents a significant move towards improving trade liberalization and facilitation in Hainan Free Trade Port.

Sources:

  • Sanya Municipal People's Government news release
  • Hainan Free Trade Port Law of the People's Republic of China
  • Foreign Trade Law of the People's Republic of China