Core Viewpoint - The recent announcement regarding the Hainan Free Trade Port has significantly boosted market sentiment, leading to a surge in related stocks, with expectations of long-term benefits for various sectors, particularly tourism and retail [1][2][11]. Summary by Sections Hainan Free Trade Port Announcement - The State Council announced that the Hainan Free Trade Port will officially start its full island customs closure on December 18, 2025, which is expected to enhance the region's trade and tourism capabilities [4][11]. Market Reaction - Following the announcement, Hainan-related stocks experienced a dramatic increase, with the entire sector rising over 9%, and specific companies like Kangzhi Pharmaceutical and China Duty Free Group reaching their daily limits [4][11]. Tax and Trade Policy Changes - The updated customs policies include a significant increase in the "zero tariff" goods from 1,900 to approximately 6,600 items, covering 74% of all goods, which is a 53 percentage point increase compared to before the closure [5][8]. - The scope of beneficiaries for the "zero tariff" policy has expanded to include various enterprises and organizations with actual import needs, enhancing the competitiveness of local industries [9]. Long-term Benefits for Industries - The trade closure is expected to accelerate the development of Hainan as an international tourism consumption center, benefiting the tourism industry, including scenic spots, hotels, and retail services [2][11]. - The continued implementation of duty-free policies is anticipated to maintain the competitive edge of duty-free operators, while the overall attractiveness of Hainan is expected to drive growth in the tourism retail market [11][12]. Implications for Specific Companies - Companies in the travel agency sector are likely to benefit from increased demand for professional services as Hainan becomes a key destination for international travelers [12]. - Duty-free retailers may face challenges due to increased competition but will still have potential for growth driven by policy and demand [12].

Core Viewpoint - The announcement of the "List of Prohibited and Restricted Import and Export Goods and Items" for Hainan Free Trade Port aims to enhance trade liberalization and facilitation, effective from the date of the port's closure operation [1]. Group 1: Trade Management Transparency - The list significantly improves the transparency and openness of goods trade management in Hainan Free Trade Port [1]. - It consolidates existing prohibitions and restrictions on imports and exports between Hainan Free Trade Port and other countries or regions outside of China [2]. Group 2: Import Exceptions - The list specifies exceptions for certain goods, including the cancellation of import licenses for 60 product codes, which must be applied for by the end user and cannot circulate or be resold on the island [1]. - It allows for "two ends outside" bonded maintenance for 38 product codes, which cannot be used or circulated within China [1]. Group 3: Regulatory Framework - The management measures for goods listed in the current management measures list are based on national laws and regulations, including the Foreign Trade Law and the Import and Export Management Regulations [2]. - Goods not listed in the current management measures can freely enter and exit the port, subject to national regulations [2][3].

每经记者｜杨建 每经编辑｜彭水萍 ｜2025年7月24日 星期四｜ NO.1 香港金管局总裁余伟文：将于下周公布"稳定币发行人发牌制度"的摘要说明 7月23日，香港金管局总裁余伟文发文再谈稳定币。余伟文称，《稳定币条例》通过以后，香港金管局 立即落实条例的监管和反洗钱两份指引，征求市场意见，目前正根据反馈意见适当调整指引的要求，争 取在7月底公布。预期最终的定稿与咨询草稿不会有太大的调整，而鉴于国际监管的共同关注，在反洗 钱方面会订立更严谨的要求，尽量减低稳定币成为洗钱工具的风险，务求让香港稳定币市场有序健康发 展。此外，余伟文称，将于下周公布"稳定币发行人发牌制度"的摘要说明，文件会阐述香港金管局接受 和处理牌照申请的安排。 NO.2 全球RWA数据产业大会暨产学研RWA全球产业联盟启动 7月23日，由中国移动通信联合会、中国通信工业协会指导，多家机构联合发起"全球RWA数据产业大 会暨产学研RWA全球产业联盟启动"活动，该活动定于7月30日在中国香港召开。本次大会的核心使命 之一，为推动"香港RWA全球产业联盟"落地。该联盟由中国通信工业协会区块链专业委员会、中国移 动通信联合会人工智能与元宇宙产业工作委 ...

Core Viewpoint - The Hainan Free Trade Port (FTP) is set to officially start its full island closure on December 18, 2025, marking a significant milestone in China's efforts to expand its openness and establish a new economic system [1][2]. Group 1: Policy and Economic Development - The Hainan FTP has established a preliminary policy system since the release of the overall plan in June 2020, facilitating the flow of people, goods, capital, and data [1]. - Over the past five years, Hainan has attracted 102.5 billion yuan in foreign investment, with an average annual growth rate of 14.6%, and established 8,098 new foreign-funded enterprises, growing at an average rate of 43.7% [2]. - The province's GDP structure has improved, with four leading industries—tourism, modern services, high-tech industries, and tropical agriculture—accounting for 67% of the GDP, an increase of 13.7 percentage points over five years [2]. Group 2: Tax and Trade Policies - The FTP will implement a "zero tariff" policy for imported goods, expanding the list of zero-tariff items from 1,900 to approximately 6,600, covering about 74% of all product categories [4]. - Goods imported under the zero-tariff policy will be exempt from import taxes, and the circulation of these goods among eligible entities will also be tax-free [3][4]. Group 3: Regulatory Framework and Innovation - The customs authority will enhance the regulatory framework to facilitate the "one line" import and "two lines" export system, improving customs clearance efficiency [5]. - The Hainan government aims to integrate institutional innovation to enhance competitiveness and align with international trade rules, focusing on the development of new business models and industries [6].

海南自由贸易港成形起势，是开放中国的生动缩影。面向未来，中国将坚持以高水平开放推动高质量发 展，为推动建设开放型世界经济、构建人类命运共同体作出新的更大贡献。 《 人民日报 》（ 2025年07月24日 03 版） (责编：赵欣悦、袁勃) 封关不是封岛，而是要进一步扩大开放。"零关税"商品范围扩大至约6600个税目，占全部商品税目的比 例达74%，比封关前提高了近53个百分点；对"零关税"货物、放宽贸易管理措施货物等实行低干预、高 效率的精准监管……海南自贸港全岛封关运作将实施以"'一线'放开、'二线'管住、岛内自由"为基本特 征的自由化便利化政策制度，包括更加优惠的货物"零关税"政策、更加宽松的贸易管理措施、更加便利 的通行措施和更加高效精准的监管模式。随着封关政策准备就绪、软硬件条件全面完成，一个与国际接 轨、活力奔涌的现代化开放高地将加快崛起，持续为中国高质量发展注入新动能，为中国更高水平对外 开放树立新标杆。 与传统商品和要素流动型开放相比，以规则、规制、管理、标准等为主要内容的制度型开放是更高水平 的开放。海南自贸港建设，正是对标当今世界最高水平开放形态，将为国内外企业带来更多商机与更稳 定的规则和 ...

2020年6月，党中央、国务院正式发布《海南自由贸易港建设总体方案》。五年多来，一批标志性、引 领性创新举措接连推出，自贸港政策制度体系初步建立。2025年12月18日，海南自贸港全岛封关将正式 启动。 "零关税"是海南自由贸易港政策制度体系的主要特征之一。财政部、海关总署、税务总局于7月23日联 合印发《关于海南自由贸易港货物进出"一线"、"二线"及在岛内流通税收政策的通知》《关于海南自由 贸易港进口征税商品目录的通知》，明确海南自由贸易港全岛封关时的货物税收政策，自封关运作之日 起施行。 政策规定，海南自由贸易港与我国关境外其他国家和地区之间设立"一线"，海南自由贸易港与我国内地 的其他地区之间设立"二线"。在海南自由贸易港登记注册的独立法人企业，自由贸易港内符合条件的事 业单位及民办非企业单位(以下简称"享惠主体")经"一线"进口征税商品目录以外的货物(以下简称"零关 税"货物)免征进口税收。对海南自由贸易港鼓励类产业企业加工增值达到或超过30%的货物，经"二 线"进入内地免征进口关税。 "上述政策的享惠主体将基本覆盖全岛有实际进口需求的各类企事业单位、民办非企业单位等，'零关 税'商品范围扩大至约66 ...

Core Viewpoint - The General Administration of Customs of China has released the "Interim Measures for Tax Collection and Administration of Duty-Free Goods with Processing Value Added in Hainan Free Trade Port" [1] Group 1 - The new measures aim to enhance the management of duty-free goods in Hainan Free Trade Port, promoting the region's economic development [1] - The policy is expected to attract more investment and boost trade activities within the free trade zone [1] - The implementation of these measures is part of China's broader strategy to develop Hainan as a significant international tourism and trade hub [1]

Core Viewpoint - The establishment of "China Yangpu Port" as an international ship registration center has significantly boosted Hainan's shipping industry, with a total registered international ship capacity exceeding 6.35 million tons, positioning Hainan as a key player in the global shipping market [1][8][19]. Group 1: Shipping Industry Development - Hainan has successfully established 72 container shipping routes, creating a new pattern that integrates both domestic and international trade, connecting to four continents and 20 countries [18][20]. - The total registered international ships at "China Yangpu Port" has reached 64, with a total deadweight tonnage surpassing 6.35 million tons, making Hainan's international shipping capacity the second largest in China [19][20]. - The shipping industry in Hainan is experiencing rapid growth, with the total value of foreign trade expected to reach 277.65 billion yuan in 2024, marking a 20% year-on-year increase [18]. Group 2: Policy and Economic Incentives - The "zero tariff" policy for transportation tools in Hainan has provided significant cost savings for shipping companies, with one company saving over 7 million yuan [3]. - Hainan's tax incentives, including a 15% corporate income tax and a 15% personal income tax rate, have effectively attracted businesses and talent to the region [3]. - The cumulative tax exemptions for newly built ships have reached 400 million yuan, while foreign ships have benefited from over 1.1 billion yuan in tax exemptions [17][20]. Group 3: Innovation and Efficiency - Hainan has introduced innovative ship registration processes, reducing the time required for ship registration by nearly 90% through streamlined procedures [14]. - The establishment of the Hainan International Ship Registration Administration has created a unique system for managing international ship registrations, enhancing service efficiency [11][12]. - The implementation of a two-level review process for ship registration has simplified the procedure, allowing for quicker approvals and better service for registered ships [13][14].

商务部公布海南自由贸易港禁止、限制进出口货物、物品清单。 ...

财政部发布关于海南自由贸易港进口征税商品目录的通知，自海南自由贸易港封关运作之日起施行。 相关链接 ...