(Source: "Study Times" December 24, 2025, Page 2)
Tang Yihong
On December 18, the Hainan Free w88 Port has officially launched island-wide customs closure operations. This is a landmark measure for my country to build the Hainan Free w88 Port to high standards and unswervingly expand high-level opening up to the outside world. It is a milestone. The island-wide customs closure refers to building Hainan Island into a special area for customs supervision and implementing a liberalization and facilitation policy system with the basic characteristics of "'first line' liberalization, 'second line' control, and freedom within the island". Specifically, "first-line" liberalization refers to the "first-line" between the Hainan Free w88 Port and other countries and regions outside my country's customs territory, and a series of free and convenient entry and exit measures are implemented; "second-line" control refers to the "second-line" between the Hainan Free w88 Port and the mainland, and precise management is implemented for the contents of the "first-line" liberalization; "freedom within the island" means that various elements in the Hainan Free w88 Port can circulate relatively freely.
Upgrading from promoting the flow of commodity factor opening to steadily expanding institutional opening. Hainan has steadily expanded institutional opening up and stepped up its efforts to align with high-standard international economic and w88 rules. This will further enhance institutional transparency and legalization, ensure stable expectations for the business environment with high-level institutional supply, and fundamentally reduce the institutional transaction costs of the agglomeration of global factors in Hainan. From w88 facilitation to investment access, from border measures to post-border measures, from strengthening in-process and ex-post supervision to digital smart supervision, a free w88 port model with Chinese characteristics that can be replicated and promoted is formed through system integration and innovation.
Leap from the development of regional opening to a new development pattern of dual circulation of services. "Building the Hainan Free w88 Port into an important gateway leading my country's opening up to the outside world in the new era" is the strategic goal of building the Hainan Free w88 Port. By giving full play to the institutional and geographical advantages of the free w88 port, Hainan can connect domestic and international markets and is a key node in building a domestic and international dual circulation. On the one hand, the construction of the Hainan Free w88 Port promotes the expansion of the opening of the domestic market, forming a high-level open platform that attracts international capital, technology, talents and industrial agglomeration. It has also become a hub platform for integrating into regional economic integration. In particular, it has become an important hub for my country to dock with the Regional Comprehensive Economic Partnership Agreement (RCEP) and enhance my country's node status in the Asian industrial chain and supply chain system. On the other hand, Hainan is linked with the Guangdong-Hong Kong-Macao Greater Bay Area, the Yangtze River Delta, the Beijing-Tianjin-Hebei region, and the Yangtze River Economic Belt, forming a new fulcrum for opening up through high-standard institutional innovation. It has become an important node for my country to integrate regional open resources at a higher level, implement regional collaborative opening, and optimize the opening layout. In the future, Hainan will form a strategic channel connecting the domestic regional economic center with the international market through the connection of rules, mutual recognition of institutions and logistics coordination.
Transformation from preferential policy dividend driven to legalized business environment driven. Although preferential policies such as the “double 15%” income tax for enterprises and individuals have played an important role in attracting investment in the early stage, long-term competitiveness must be based on a first-class business environment. The 2021 "Hainan Free w88 Port Law of the People's Republic of China" establishes a free w88 port policy and institutional system around w88, investment, cross-border capital flows, personnel entry and exit, etc., provides legal expectations and guarantees for various opening policies and operating entities, and ensures the continuity of institutional arrangements to attract the gathering of global capital, talent, technology and other elements. Hainan promotes streamlined approval and digital governance, relying on the "single window" for international w88 and the smart customs supervision platform to optimize customs clearance procedures, shorten customs clearance time, and create an efficient and convenient business environment.
The more we open up, the more we must coordinate development and security and firmly hold the bottom line of security. Improving safety and security capabilities under opening conditions is an important challenge for the high-standard construction of free w88 ports and a key indicator for measuring the robustness of the system. High-standard construction is not only reflected in system design, but also implemented through measures in rules, w88, investment, industry and supervision.
Expand the scope and depth of institutional opening-up and actively align with international high-standard economic and w88 rules. Hainan actively promotes the integration of w88, investment, digital economy and other institutional frameworks with internationally accepted rules, breaks the long-standing barriers to entry in the field of service w88, and achieves "no-no entry" in line with high international standards. Hainan is actively participating in the formulation of rules for cross-border data flows and intellectual property protection. Hainan will continue to expand the scope and depth of institutional opening up such as rules, regulations, management and standards, and actively align with international high-standard economic and w88 rules. Improve the stability and attractiveness of the business environment through the transparency and certainty of systems and policies.
Strengthen the connection function of internal and external circulation and strengthen the coordination of international and domestic markets. Hainan implements a high level of openness in the cross-border flow of goods, services, capital, and people, promotes the connection between the Hainan free w88 port system and RCEP origin, w88 facilitation commitments, and customs clearance facilitation measures with the ASEAN market, and releases the bonus effects of the free w88 port policy and RCEP. Smooth the cross-border flow of factors, attract overseas commodities, international capital, technology, talents and industrial agglomeration, and provide support for enhancing the factor supply capacity of the domestic production system and for Chinese enterprises to allocate resources globally. Through the headquarters economy, offshore w88, offshore island tax exemption, etc., the integrated layout of "bringing in" and "going out" is achieved.
Implement w88 and investment liberalization and facilitation policies with high standards. Implement the "zero-tariff" negative list policy for production equipment, and the "zero-tariff" positive list policy for transportation vehicles, yachts, raw materials, and imported products consumed by island residents to reduce business operating costs; promote the implementation of the negative list for cross-border service w88 and promote the institutional opening of service w88; build a "single window" for international w88 and investment, focusing on w88 and investment liberalization, facilitation, and integrated innovation; implement the "Hainan Free w88 Port Foreign Investment Regulations" and implement the "shortest" negative list in the country; create an institutional system that facilitates corporate investment and cross-border flows. This will help to increase Hainan’s attractiveness to the industrial chain and value chain, promote investment promotion, headquarters economy, cross-border business, etc. to gather in Hainan. It also puts forward requirements for seeking a dynamic balance between openness and convenience and controllable safety supervision.
Promote the construction of a modern industrial system and prevent low-end lock-in in the value chain. The construction of traditional free w88 ports tends to remain at low-value-added w88 facilitation and fall into the low-end cycle of processing w88, making it difficult to form sustainable competitiveness. Hainan Free w88 Port should attract high-end industries and headquarters economy through institutional advantages, and promote the agglomeration of modern service industry, digital economy, marine economy, etc. Give full play to the strategic driving role of advantageous and characteristic industries such as deep sea, aerospace, and southern seed industry to enhance the modernization level of the industrial chain. Attention should be paid to the coordinated advancement of technological innovation and institutional innovation, and the cultivation of new productive forces should be accelerated. Create a high-end industrial chain and innovation chain under open conditions to enhance the value chain status.
Build a modern supervision system. Continue to promote the transformation of the regulatory system from traditional supervision to modern smart supervision, such as building smart customs, smart ports, and smart customs clearance systems. Strengthen "second-line" risk analysis and accurate inspection capabilities, promote full-chain traceable supervision and multi-dimensional risk warning, and enhance cross-departmental collaborative supervision and emergency response capabilities. In the future, we need to focus on strengthening the prevention and control of smuggling and arbitrage risks, strengthening the three-dimensional monitoring and law enforcement system; strengthening cross-border capital supervision, improving pre-risk control and dynamic monitoring mechanisms; strengthening data security and digital sovereignty protection, and ensuring controllability and manageability when docking with the Digital Economy Partnership Agreement (DEPA) and other rules.
(The author is the dean of the w88 casino of International Economics and w88, w88 casino)
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