Xinhua Silk Road - Belt and Road Portal, China's silk road economic belt and 21st Century Maritime Silk Road Website Xinhua Silk Road - Belt and Road Portal, China's silk road economic belt and 21st Century Maritime Silk Road Website
Subscribe CustomBlackClose

Belt & Road Weekly Subscription Form

download_pop

Research ReportCustomBlackClose

The full edition of the report is available at Xinhua Silk Road Database. You can click the “Table of Content” to have a general understanding of it.

Click on the button below to create your account and get immediate access to thousands of articles.

Start a Free Trial

Xinhua Silk Road Database
Economy

Raw, auxiliary materials enter Hainan tariff-free

December 02, 2020


Abstract : Weather radar transceivers worth more than 3.8 million yuan (about 579,100 U.S. dollars) on Tuesday morning became the first batch of tariff-free raw and auxiliary materials to enter the Hainan free trade port in south China.

HAIKOU, Dec. 1 (Xinhua) -- Weather radar transceivers worth more than 3.8 million yuan (about 579,100 U.S. dollars) on Tuesday morning became the first batch of tariff-free raw and auxiliary materials to enter the Hainan free trade port in south China.

By arriving at the port, the transceivers for Hainan Airlines were exempt from 530,200 yuan in tariffs, authorities said.

The Ministry of Finance (MOF) announced in November that China would waive tariffs on imported raw and auxiliary materials in the Hainan free trade port. The exemption started Tuesday, according to a circular issued by the MOF, the General Administration of Customs and the State Taxation Administration.

Import tariffs, value-added tax and consumption tax are waived on raw and auxiliary materials to be processed on the island for manufacturing or services trade, industries that need raw materials from abroad and target the overseas market, the circular said.

The materials will only be processed and used by enterprises in Hainan, and they are not allowed to be sold within Hainan or moved outside the island.

The policy first covers 169 types of raw and auxiliary materials, including farm produce, energy and chemical products, and spare parts for the repairs of airplanes, other aircraft and ships, but this list will be adjusted based on the actual needs of Hainan.

Chinese authorities on June 1 released a master plan for the free trade port, aiming to build the southern island province into a globally influential high-level free trade port by the middle of the century. Enditem

Scan the QR code and push it to your mobile phone

Keyword: raw material Hainan free trade port

Reading:

China's culture, tourism consumption to embrace a rapid recovery on favorable policies

China's Guangxi Beibu Gulf launches global cold chain project to tie China-ASEAN co-op

Chongzuo Area of S. China's Guangxi FTZ sees 9 projects signed

Hong Kong holds online forum on B&R opportunities, economic recovery

Spotlight: Asian businesses eye deeper penetration into Chinese market through China-ASEAN Expo, cross-border e-commerce

Write to Us belt & road login close

Do you want to be a contributor to Xinhua Silk Road and tell us your Belt & Road story? Send your articles to [email protected] and share your stories with more people.

Click on the button below to create your account and get im http://img.silkroad.news.cn/templates/silkroad/en2017te access to thousands of articles.

Start a Free Trial

Ask Us A Question belt & road login close

If you have any questions, please enter them in the box below.

Identifying code Reload

Write to Us belt & road login close

Do you want to be a contributor to Xinhua Silk Road and tell us your Belt & Road story? Send your articles to silkroadweekly@xinhua.org and share your stories with more people.

Click on the button below to create your account and get im http://img.silkroad.news.cn/templates/silkroad/en2017te access to thousands of articles.

Start a Free Trial