China's Hainan FTP reports substantial tariff exemptions since special customs operations

 Hainan Free Trade Port (FTP), located in south China's Hainan Province, reported a surge in the value of zero-tariff goods transacted in the FTP, among other initial outcomes achieved during the first 100 days of island-wide special customs operations, official data showed Thursday.

Since the landmark move, import and export value in the FTP has exceeded a combined 80 billion yuan (about 11.6 billion U.S. dollars), up 32.9 percent year on year. Notably, 186 transactions were conducted under the zero-tariff policy, involving goods worth nearly 1.7 billion yuan, a year-on-year surge of 1.46 times. Duties exempted totaled 271 million yuan.

This data was released at a press conference held one day ahead of the 100-day mark.

On Dec. 18 last year, China launched island-wide special customs operations in the Hainan FTP, the world's largest FTP by area, allowing freer entry of overseas goods, expanding zero-tariff coverage, and introducing more business-friendly measures.