CGTN | 07-Jun-2020 | By Liu Hongcai
China’s southernmost Hainan Province, home to the nation’s largest free trade port, will set up overseas liaison offices in 16 countries across Asia, North America and Europe.
A promotion event to attract investment in the Hainan Free Trade Port was held by video conference, gathering 200 representatives from over 50 countries and regions on Wednesday. At the meeting, Hainan signed agreements with Chinese trade associations in Singapore, Japan, India, South Korea and Uzbekistan. They agreed to set up liaison offices to share market information and promote cooperation and investment.
“Setting up overseas liaison offices is just a beginning. Next, we will offer them favorable policies and opportunities within the Free Trade Port,” said Han Shenjian, director of the Hainan International Economic Development Bureau.
Officials say Hainan will sign agreements with 11 other Chinese trade associations in countries like the United States, the UK and Germany, and future cooperation will focus on tourism, services and advanced technologies.
On June 1, Chinese authorities released a master plan for the Hainan free trade port, aiming to build the southern island province into a globally-influential high-level free trade port.
The plan includes exemptions of import duty, value-added tax and consumption tax on imported goods purchased by island residents. It also includes measures to increase the quota for offshore duty-free shopping to 100,000 yuan (14,000 U.S. dollars) per person every year from 30,000 yuan and increase the number of categories of duty-free products.
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