From beachfronts to breakthroughs

Currently, the Hainan FTP exempts tariffs on the entry of these raw materials and equipment. In addition, goods processed in the Hainan FTP that achieve or exceed a 30-percent value-added rate are exempt from tariffs when entering the mainland from the port. This gives Hainan-based enterprises a significant cost advantage in domestic sales, Guo explained.

After the island-wide special customs operations of Hainan FTP, various shipping procedures will be simplified. Zero-tariff goods will be able to circulate freely among eligible entities, greatly reducing cooperation costs between upstream and downstream enterprises, Guo noted.

The island-wide special customs operations launched on Thursday mark a "critical leap", said Cui Fan, a professor at the University of International Business and Economics. After the special customs operations, the proportion of zero-tariff commodity tax items will rise sharply from 21 percent to 74 percent. This represents a substantive change and can be regarded as a milestone in the initial establishment of the policy and institutional system of the Hainan FTP.

Hainan's continued efforts to raise its level of opening-up not only position it at the forefront of higher-level opening-up nationwide, but also create more opportunities for neighboring countries and regions, especially ASEAN members, Cui added.

To attract foreign talent to settle in the YZBSTC, Bob Dejkam, a talent manager at YZBSTC, said they are working to simplify the entire application process for international professionals. For tax incentives and entrepreneurship support, YZBSTC provides one-on-one guidance, helps applicants prepare documents and connects them directly with government departments.

"We also offer different levels of support based on talent type. For example, top scientists can receive project funding and customized research platforms, while others receive fast-track work permits and targeted services. This helps us match each professional with the most suitable resources," Dejkam said.