At a briefing marking six months since customs closure of the Hainan free-trade
port, authorities said the 'zero-tariff' import value reached CNY 2.645 bln as
of May 31, up 120% YoY, with tax relief totaling CNY 440 mln, up 74.1% YoY.
Duty-exempt processing value for domestic sales under the processing value-added
policy was CNY 580 mln, with CNY 30.25 mln in duty relief. Bonded
upstream-downstream processing value-added concessions and inclusion of
on-island self-produced goods’ value-added have been fully implemented. Under
the restricted list, 17 bonded repair transactions with both ends offshore were
completed (goods value CNY 7.012 mln) and import-license management for those
cases was removed. Island-exit duty-free sales totaled CNY 20.34 bln, up 20.5%.
