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Hainan Free Trade Port has made remarkable progress in the past five years, and the preparation work for independent island-wide customs clearances has been fully implemented, according to the 2023 Report on the Work of the Government of Hainan Province, delivered by Governor Feng Fei.

Hainan has stood at the forefront of reform and opening-up, the report said. More than 180 policy documents on comprehensively deepening reform and opening-up and accelerating the construction of Hainan FPT have been carried out. The 25 customs clearance projects led by the provincial government have all kicked off.

Two "15 percent" tax incentive benefits for individuals and enterprises have increased by 122.7 percent and 35.7 percent, respectively. The tax incentive states that certain industries and enterprises can be taxed at a reduced corporate income tax rate of 15 percent. For high-end talent and talent in short supply at Hainan FTP, the portion of actual tax exceeding 15 percent will be exempted.

Hainan's annual total value of international trade is expected to exceed 200 billion yuan ($29.8 billion), and the use of foreign capital has surpassed $4 billion, according to the report.

"Hainan's internationally-oriented economy is growing vigorously. Its annual total value of international trade now ranks third in the country," said Gao Ruifeng, deputy to the ongoing first session of the 7th Hainan People's Congress and the director of Haikou Customs.

"Haikou Customs has actively implemented the zero-tariff policy on imported items and the 30 percent tax-exemption policy on value-added processing. Since the implementation of the policies, the tax reductions have reached about 2.6 billion yuan and 250 million yuan, respectively."

This year Hainan will closely focus on its No 1 project — the customs clearance operation — and "carry out various important tasks to help the the FTP achieve new results and reach a new level," said deputy Qi Shuli, who is also deputy secretary-general of the Hainan Committee of the Communist Party of China.

"We'll make good use of Hainan's regional and policy advantages, strengthen its cooperation with Hong Kong and Southeast Asia and strive to establish it as a meeting point of domestic and international dual circulation."

To propel the development of the FTP, stress tests for customs clearances will be fully implemented this year. For example, the provincial government will conduct stress tests for Hainan as an FTP in the Yangpu Economic Development Zone, and expand the preferential policies of the Yangpu bonded port area to the Yangpu zone.

In the next five years, Hainan will actively participate in the implementation of the Belt and Road Initiative, utilize the advantages of the Regional Comprehensive Economic Partnership agreement and FTP policies, become a portal for domestic enterprises to go abroad and serve as an important gateway for foreign investors to enter the Chinese market, according to the report.

"The work plan for the next five years spans the time before and after the customs clearance efforts. This is a critical period for the construction of the FTP," said Shen Xiaoming, secretary of the CPC Hainan Committee, at a meeting with the Haikou delegation on Friday.