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2 Mar, 2019 06:35

China’s offshore free trade zone to be launched in Hainan

China’s offshore free trade zone to be launched in Hainan

A national offshore trade pilot area will be established at the Yangpu economic development zone (EDZ) in South China's Hainan province.

It is expected to improve the area’s entry and exit management systems, according to the China Daily, which cited the EDZ's management committee.

Yangpu EDZ enjoys the preferential policies of a free trade zone. It has an advantageous geographic location and an extensive transportation system. It was approved to be a state-level development zone in 1992 and started operating a year later.

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The new offshore area will promote investment facilitation policies in areas such as trade, finance and local currency settlement. A domestic and international supply center and a cross-border logistics channel will be set up there.

To further facilitate international trade, a “single-window” service will be implemented in Yangpu’s bonded port area. The port clearance time will be reduced substantially to meet international standards.

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Hainan has rich resources of oil and natural gas, as well as rubber, sea salt, quartz sand, iron, and titanium ore. The authorities plan to develop international shipping by relaxing oil export quotas.

They also want to construct a new shipping hub in Yangpu this year for international land and sea trade. Foreign trade routes will be opened from Yangpu to Southeast Asia.

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