ECONOMY

Tariff-Free Hainan

Weather radar transceivers worth more than 3.8 million yuan ($579,100) became the first batch of tariff-free raw and auxiliary materials to enter the newly established Hainan Free Trade Port (FTP) located on Hainan Island in south China. The transceivers were imported for use by Hainan Airlines and arrived at the Hainan FTP on December 1. According to authorities, the transceivers were exempt from 530,200 yuan ($80,847) of tariffs.

The Ministry of Finance (MOF) announced in November that China would waive tariffs on imported raw and auxiliary materials in the Hainan FTP. A circular jointly issued by MOF, the General Administration of Customs of China (GACC) and the State Taxation Administration, stated the exemption would begin from