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With a zero-tariff system fundamentally in place after the independent customs operation, high-quality global resources can flow into Hainan with greater freedom and efficiency, Wu said. Trade liberalization and facilitation are defining features of a free trade port.
On June 10, 2021, the 29th meeting of the Standing Committee of the 13th National People's Congress passed the Hainan Free Trade Port Law of the People's Republic of China, which determined to establish and improve the Hainan Free Trade Port customs supervision special zone system with closed-off customs operations on the entire island.
As a key initiative in China's opening-up strategy, the Hainan Free Trade Port is set to begin independent customs operations by year end, and global enterprises are eyeing the vast opportunities that come with open trade. [Photo/Xinhua]
South China’s tropical island province of Hainan is intensifying efforts to establish itself as a high-level free trade port (FTP) by 2025. Key plans were outlined in a government work report presented during the annual session of the Hainan Provincial People’s Congress on Tuesday.
Volvo Cars and Vargas portfolio company Northvolt have selected Gothenburg, Sweden, to establish a new battery manufacturing plant. The plant will commence operations in 2025, create up to 3,000 jobs and complement the planned R&D centre that both companies announced in December as part of an investment of approximately SEK 30 billion.
Volvo Cars and Northvolt announced the joint battery cell factory in February 2022 and received building permission from the Swedish Land and Environment Court this summer. In August, the city planning committee in Gothenburg also granted building permits for the first construction phase.
For Sweden, the Novo plant is the second battery cell production facility after Northolt’s plant in Skellefteå. Volvo Cars and Northvolt first announced plans for the plant in the Gothenburg district of Torslanda, near Volvo’s vehicle plant there, in February 2022. At the time, the aim was to have the plant up and running by 2025.
and Gothenburg’s first battery gigafactory. NOVO Energy, the joint venture between Northvolt and Volvo Cars, celebrated the start of construction for its highly anticipated battery factory in Torslanda, Gothenburg.
"We will strive to build the Hainan Free Trade Port into an important gateway leading China's opening up in the new era, contributing to the sustained development of the Chinese economy as well as injecting stability and certainty into the world economy," said Yuan, assistant minister of commerce. ■
"With the independent customs operations, Hainan FTP is poised to become a key gateway for China's new era of opening up and innovation," Cai added. China's Hainan Free Trade Port (FTP) is set to launch an island-wide independent customs operation on Dec. 18, 2025, underscoring the country's wider push for high-standard opening up.
With a zero-tariff system fundamentally in place after the independent customs operation, high-quality global resources can flow into Hainan with greater freedom and efficiency, Wu said. Trade liberalization and facilitation are defining features of a free trade port.
The Ministry of Commerce will make more efforts to support Hainan in aligning with high-standard international economic and trade rules, enhancing institutional openness, and fostering new growth drivers through targeted measures, Jiang said.
