China Touts Hainan, Its Duty-Free Island, Amid $1 Trillion Trade Surplus
The New York Times••world
Key Points:
- China’s Hainan province has declared itself the world’s largest “free trade port” by eliminating tariffs on most imports and cutting corporate and individual taxes, positioning itself as a symbol of China’s openness to global trade.
- President Xi Jinping described Hainan as a key gateway for China’s new era of opening up, highlighting the province as a model for two-way trade despite rising global tariffs and protectionism.
- The initiative echoes China’s early reform period post-1976, when the Communist Party introduced free-market policies in select areas to spur economic growth.
- However, China’s broader trade stance remains focused on self-reliance and maintaining high tariffs and export-driven policies, contributing to a $1 trillion trade surplus last year.
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