Editor’s Note
The implementation of new customs policies at the Hainan Free Trade Port is creating tangible opportunities for businesses. This article highlights how specific measures are streamlining operations and reducing costs for local enterprises, showcasing the practical impact of these reforms.
Following the island-wide customs closure operation of the Hainan Free Trade Port, policy dividends such as the expansion of the “zero-tariff” commodity list and the optimization of the duty exemption for value-added processing have brought new development opportunities for jewelry processing enterprises.
Recently, Hainan Meiyu Jewelry Co., Ltd. successfully completed the entire process of duty exemption for value-added processing and domestic sales, becoming a beneficiary of the implemented Free Trade Port policies.
In the processing workshop of Hainan Meiyu Jewelry Co., Ltd., workers are grading, drilling, and stringing imported pearls. This integrated enterprise, involved in pearl cultivation, design, processing, and sales, successfully navigated the entire process of duty exemption for value-added processing and domestic sales at the end of November last year, becoming a direct beneficiary of this policy after the Free Trade Port’s customs closure.
— Wang Shanshan, Deputy General Manager, Hainan Meiyu Jewelry Co., Ltd.
After the customs closure, the “zero-tariff” commodity list has been significantly expanded, including pearl raw materials and processing equipment. The reduction or exemption of import tariffs on pearls has directly lowered corporate procurement costs. Simultaneously, “zero-tariff” goods can also apply the duty exemption policy for value-added processing, creating a significant叠加效应 (synergistic effect).
— Wang Shanshan, Deputy General Manager, Hainan Meiyu Jewelry Co., Ltd.
Furthermore, the integration of the “two-step declaration” with the value-added processing policy has resolved previous issues of high cost and low efficiency in classifying pearls overseas, making enterprise operations more flexible and efficient. The cost advantage is ultimately passed on to the consumer end, enhancing product competitiveness in both duty-free and retail markets.
— Wang Shanshan, Deputy General Manager, Hainan Meiyu Jewelry Co., Ltd.
The policy innovations of the Hainan Free Trade Port are being transformed into tangible industrial competitiveness. With the continuous improvement of the policy system and the ongoing agglomeration of the industry chain, Hainan’s jewelry processing industry will achieve higher-quality development in areas such as deep processing, brand building, and market expansion.