HAIKOU /China/, February 17th. /TASS/. Hainan Province has eliminated import duties on some types of imported devices used in the entertainment industry. This was announced by the Chinese Ministry of Finance.
As noted in the ministry’s statement, the list of duty-free goods included amusement ride vehicles, roller coaster vehicles, carousel components, sports simulators and water park equipment. The new measures apply to importers registered in the province who use the above products in the service sector.
In addition, companies that import these devices to the island from abroad are exempt from VAT and excise duty on foreign products. These measures are intended to accelerate the formation of Hainan’s free trade port and boost the competitiveness of the local entertainment industry.
The list of tax and duty-exempt goods with the foreign trade codes is published on the China Ministry of Finance website. The eight nomenclatures it contains cover a wide list of products that are occasionally purchased for cultural and amusement parks and various tourist facilities.
Gradual lifting of trade barriers
As of December 1, 2020, Hainan has lowered tariffs on a wide range of products used in manufacturing and services, from agricultural products to liquefied natural gas to airplane and helicopter components. Authorized importers were allowed to import products related to 169 headings of the customs nomenclature to the island free of charge. The list of tax-exempt goods included rye, barley, oats, buckwheat and sunflower seeds, hydrocarbons and chemical raw materials, various types of wood, boat engines, parts of boats and yachts, radar and aerospace equipment.
Last March, the Chinese government issued a duty exemption for engineering equipment brought into Hainan to be used in infrastructure construction, manufacturing, research and development, logistics, tourism, health care, and inspection and repair work . These measures apply to machine tools, machines, instruments and other devices as well as their components.