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Story summary
- Hainan province launched independent customs operations to pursue becoming a significant free trade port by 2050.
- As of December 18, 74% of goods entering Hainan are tariff-free, up from 21%.
- The initiative aligns with President Xi Jinping's strategy to enhance China's economic openness amid global trade tensions.
- Hainan's policies include a 15% corporate tax rate and incentives for value-added processing, with analysts warning of potential labor constraints.
