Core Points - The Hainan Free Trade Port will officially start its full island closure operation on December 18, 2025, as approved by the Central Committee [1] - From 2020 to 2024, Hainan's actual foreign investment exceeded the total of the first 32 years after the province was established, with an average annual growth rate of over 30% in goods trade import and export [1] Group 1: Policy Measures - The closure policy can be summarized in "four more": more favorable zero-tariff policies, more relaxed trade management measures, more convenient passage measures, and more efficient regulatory models [2] - The proportion of zero-tariff goods for "one-line" imports will increase from 21% to 74%, allowing for tax-free circulation among eligible entities within the island [2] - The new regulatory model will ensure low intervention and high efficiency for zero-tariff goods and relaxed trade management goods [2] Group 2: Economic Impact - Over the past four years, the processing and value-added tax exemption policy has led to 122 registered or approved pilot enterprises, with a total value of approximately 100.3 billion yuan and tax exemptions of about 8.4 billion yuan [3] - The actual use of foreign capital in Hainan reached 102.5 billion yuan, with an average annual growth of 14.6%, and the number of newly established foreign-funded enterprises increased by 43.7% [4] - The average annual growth rates for goods trade and service trade were 31.3% and 32.3%, respectively, with investments from 176 countries and regions [4] Group 3: Future Development - Hainan aims to create a world-class biological breeding zone and enhance its tropical agriculture sector to enrich the domestic market [4] - The province plans to accelerate the construction of an international tourism consumption center, focusing on creating influential cultural tourism projects and upgrading existing attractions [4]

Core Points - The press conference highlighted the significance of the Hainan Free Trade Port's closure operation as a milestone for its development, emphasizing the need for effective policy implementation to enhance the experience of businesses and citizens [4][5][6] - Hainan aims to strengthen its international trade relations, particularly with Arab countries, by enhancing economic cooperation and establishing direct transportation links [6][7] - The province plans to build a modern industrial system that leverages its unique advantages, focusing on four main industries that currently contribute 67% to its GDP [7][8][9] - The construction of an international tourism consumption center is a priority, with significant increases in tourist numbers expected in the coming years [10][11] - Hainan is committed to institutional innovation, having developed numerous successful cases that will be expanded upon to support the free trade port's operations [12][13] - The establishment of a "two-line" port system will facilitate smoother trade and travel between Hainan and the mainland, ensuring that the closure operation promotes rather than hinders accessibility [14][15] - The province will continue to expand its openness, focusing on trade management, investment environment, and financial policies to attract foreign investment [16][17][18] - The "zero tariff" policy will see a significant increase in the range of goods eligible, expanding from 1,900 to approximately 6,600 items, enhancing trade liberalization [19][20][21] - Tax reforms will be implemented to support the free trade port, including the continuation of existing tax incentives and the introduction of new measures to stimulate economic activity [22][23] - The introduction of a comprehensive list of prohibited and restricted goods will enhance trade transparency and facilitate easier compliance for businesses [23][24] - The Ministry of Commerce will support Hainan's development as a key player in China's new era of openness, focusing on trade and investment [25][26] - The processing and value-added goods policy will be optimized to encourage local production and enhance the competitiveness of Hainan's industries [27][28] - Customs regulations will be refined to ensure efficient and effective oversight of the free trade port, promoting a seamless trade environment [29][30]

Core Viewpoint - The construction of Hainan Free Trade Port has entered a new stage of full island closure and operation, marking a significant milestone in its development [2][3]. Policy and Institutional Framework - The policy and institutional framework for Hainan Free Trade Port has been initially established, characterized by "4, 3, 2, 1": - "4" refers to the increased convenience of the flow of people, goods, capital, and data - "3" indicates the accelerated opening of goods trade, service trade, and investment - "2" signifies the continuous increase in tax incentives for enterprises and individuals - "1" denotes the improvement of legal guarantees based on the Hainan Free Trade Port Law [3][4]. - Over the past five years, Hainan has seen a significant increase in foreign investment, with actual foreign capital utilization reaching 102.5 billion yuan, averaging a growth of 14.6% annually [3]. Industry Development - The four leading industries—tourism, modern services, high-tech industries, and tropical agriculture—now account for 67% of Hainan's GDP, with marine production value growing at an annual rate of 13.9% [4]. Infrastructure and Operational Readiness - The closure operation is a foundational task for Hainan Free Trade Port, with policies for import taxation, prohibited and restricted goods, and tax exemptions for processing and value-added sales already prepared [5]. - All 31 projects for the first phase of closure operations have been completed, and the infrastructure for eight open ports and ten "second-line ports" is nearly complete [5]. Policy Implementation and Innovation - The focus is on policy implementation, with Hainan aiming to integrate closure operation policies with existing free trade port policies to maximize their combined effects [6]. - Hainan has cultivated 20 batches of 166 institutional innovation cases, emphasizing the need for continuous exploration and summarization of reform practices in various aspects [6]. International Integration and Market Expansion - Hainan aims to align with international high-standard economic and trade rules, enhancing foreign investment, trade activity, and the living conditions of foreigners [7].

Group 1 - The core viewpoint emphasizes the role of customs officials as guardians of the national border, showcasing their dedication and efforts in ensuring efficient customs operations and trade facilitation [1] - The Ningbo Zhoushan Port has maintained its position as the world's busiest port for 16 consecutive years, aided by the implementation of a smart logistics system that enables clustered management of container and bulk cargo berths [1] - The "one-hour living circle" in the Guangdong-Hong Kong-Macao Greater Bay Area is accelerating, with over 600 million crossings of Hong Kong and Macao vehicles through the Hong Kong-Zhuhai-Macao Bridge since the implementation of the "Hong Kong and Macao vehicles northbound" policy [1] Group 2 - The Red Flag Port has transformed into a "golden hub" along the China-Pakistan Economic Corridor, with the port officially operating year-round since December last year, facilitating continuous trade between the two countries [2] - All ten "second-line ports" in Hainan have passed national inspections this year, with customs actively engaged in practical exercises to ensure smooth operations during the closure phase [2] - The Western Land-Sea New Corridor has been developed with a focus on technological innovation and biosecurity, providing strong technical support for customs enforcement and regulatory activities [2]

Group 1 - The establishment of a cross-border e-commerce comprehensive pilot zone across Hainan Island is expected to enhance international trade dynamics and attract businesses to set up operations in the region [3][4] - The new policy allows all 18 cities and counties in Hainan to benefit from customs, tax, and foreign exchange policy advantages, expanding the scope of cross-border e-commerce operations [4][5] - The "zero tariff, low tax rate, and simplified tax system" policy is anticipated to drive significant growth in the cross-border e-commerce sector, particularly in high-value-added services [3][5] Group 2 - Companies like Hainan Kunpeng Cloud Warehouse are actively engaged in cross-border e-commerce, utilizing the "1210" model for imports, which offers a 0% tariff and reduced tax rates [1][3] - The "9610" model is expected to gain traction, allowing small and medium-sized businesses to directly access global markets without the need for bonded warehousing [4][5] - Hainan's strategic location and favorable policies are seen as key competitive advantages for developing a regional hub for cross-border e-commerce targeting Southeast Asia [5][6]

中金研究 根据2025年海南省人民政府工作报告，2025年底封关运作是海南自贸港建设的关键性阶段目标。我们梳理了海南自贸港航空机场及旅游零售业的发展 趋势，整体而言，我们认为：1）机场客流受其他目的地分流影响，今年以来表现稍显逊色，但长期有望受益自贸港建设带来的经济活动往来增加； 2）旅游零售业今年或逐步回归稳健增速，建议关注封关后海南销售税制度变化对于离岛免税政策的影响；3）航空市场建设或受益于最大承运人经营 逐步进入正轨，此外各类税收减免政策也有望降低航司经营成本。 点击小程序查看报告原文 Abstract 2020年来海南经济增速略快于全国；2025年底封关运作是海南自贸港建设的关键性阶段目标。 从经济发展情况看，自2020年一系列支持海南自贸港建设 的政策出台以来，2020至2024年5年海南省GDP复合增速为5.5%，略好于全国整体0.6个百分点。从目前海南岛的进出港方式看，航空为主要途径，在2024 年离港旅客量中占比74%。 机场：旅客量短期受分流逆风；长期受益封关带来的客流增长。 海南省目前拥有3座民航机场，2019年前整体旅客量增长基本与全国持平；2023年来旅客 增速略滞后于全国水平，我们 ...