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Hainan Heren Pearl Co., Ltd., which mainly imports pearls from overseas, has emerged as a direct beneficiary of Hainan FTP policies.
Under the value-added processing policy, the company can sell its high-value products to the mainland duty-free, cutting its overall tax burden from about 52 percent to roughly 26 percent and redirecting the savings into research and development, said Zhang Shizhong, the company’s chairman.
“The FTP holds great promise, with more policy dividends set to be released in the future,” Zhang said.
One notable special customs policy is offering “freer access at the first line,” referring to freer trade between Hainan and areas outside China’s customs borders, and “regulated access at the second line,” which involves applying standard customs controls for goods moving from Hainan to the mainland.
According to Haikou Customs, from…
