Customs officers explain duty-free import policies to shoppers at a daily duty-free store. (Source: hinews.cn)

At a July 29 press conference on the 23rd batch of institutional innovation cases in the Hainan Free Trade Port (FTP), officials reported that by June 30, 2026, 93 companies had imported goods under the FTP's "zero-tariff" policies. The total value of these eligible imports reached CNY 3.437 billion, a 53.6% year-over-year increase. Additionally, customs clearance times have decreased by 20%, and clearance costs have been halved.

After implementing island-wide special customs operations, Hainan has enhanced policies governing the import, circulation, and tax treatment of zero-tariff goods. The province has also streamlined customs clearance, taxation, and guarantee procedures to reduce cross-border trade costs and improve customs efficiency.

Chen Yunwu, Deputy Commissioner and Spokesperson of Haikou Customs, stated that Hainan has developed a digital platform covering enterprise declarations, reviews, and regulatory oversight, facilitating online processing and expedited approvals. Additionally, an intelligent risk-control system has been implemented to enhance regulatory efficiency for zero-tariff products.

To address financing and guarantee issues, Hainan has adopted a "separated + declining" guarantee model that allows companies to use third-party financial guarantees. During the supervision period, the guaranteed amount declines each year in proportion to the remaining supervision time, helping businesses reduce capital occupancy and lower financing costs.

This new model has already delivered tangible benefits. For example, COSCO Shipping Energy Transportation Co., Ltd. (Hainan) used the new guarantee mechanism to arrange financing for two vessels imported under the zero-tariff policy. As a result, guarantee fees were reduced to about CNY 450,000, saving about CNY 340,000 compared with the traditional method.