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Sinobravo Policy Express (July, 2025)
Editor's note:
In the first half of the year, along with the results of the macro and industrial policy “combinations”, production and demand grew steadily, the employment situation was generally stable, residents' income continued to increase, and new kinetic energy grew and expanded, and economic operation was generally stable and steadily improving. According to China's economic answer sheet for the first half of the year, preliminary accounting, the gross domestic product in the first half of the year amounted to 660,536,600,000,000 yuan, an increase of 5.3% year-on-year at constant prices. The contribution of consumption to economic growth reached 52%, becoming the “main engine” driving economic growth.
Recently, the World Bank and the Organization for Economic Co-operation and Development (OECD) have downgraded their global economic growth forecasts, while China's economic growth forecasts have remained generally stable. Deutsche Bank, Morgan Stanley, Goldman Sachs and other international investment banks have raised their economic forecasts for China, which shows that China's economic foundation is solid, the effectiveness of policies is good, the development of kinetic energy is excellent, and the advantages of the complete industrial system have not changed.
Trump has imposed taxes on many countries, disrupting the rhythm of the global supply chain, increasing business costs and triggering countermeasures by trading partners. Global investment has declined, economic growth expectations have been revised downward, and uncertainty has paralyzed corporate decision-making and impacted international trade and economic stability.
Economic operation
July 15, the National Bureau of Statistics announced the first half of 2025 China's economic “half-yearly report”, a number of indicators performed well, the national economy to meet the difficulties, stable and improving:
GDP growth rate is faster: GDP in the first half of the year amounted to 660,053.6 billion yuan, up 5.3% year-on-year at constant prices;
Steady summer grain production and harvest, steady growth in animal husbandry: in the first half of the year, the value added of agriculture (plantation) increased by 3.7% year-on-year, the output of pork, beef and poultry meat increased by 1.3%, 4.5%, 7.4%, respectively, and the output of mutton decreased by 4.6%;
Faster growth in industrial production: in the first half of the year, the national value added of industry above designated size increased by 6.4% year-on-year, and in June, the value added of industry above designated size increased by 6.8% year-on-year, and 0.50% year-on-year, and the equipment manufacturing industry and the high-tech manufacturing industry grew well;
Accelerated growth in services: in the first half of the year, the value added of the services sector grew by 5.5% year-on-year; in June, the national services sector production index grew by 6.0% year-on-year;
Market sales growth picked up: in the first half of the year, total retail sales of consumer goods increased by 5.0% year-on-year, accelerated by 0.4 percentage points over the first quarter;
Fixed asset investment continues to expand, with faster growth in manufacturing investment: in the first half of the year, national fixed asset investment was 24,865.4 billion yuan, up 2.8% year-on-year;
The import and export of goods continued to grow, and the trade structure continued to optimize: in the first half of the year, the total amount of import and export of goods was 2,178,776,000,000 yuan, up 2.9% year-on-year. Among them, exports of 1,300,000,000,000,000 yuan, an increase of 7.2%; imports of 8,787,500,000,000 yuan, down 2.7%; import and export offset, a trade surplus of 421,250,000,000 yuan;
Consumer prices are basically stable: in the first half of the year, the national consumer prices (CPI) fell by 0.1% year-on-year, industrial producer factory prices fell by 2.8% year-on-year, and purchasing prices fell by 2.9% year-on-year;
Overall stability of the employment situation: in the first half of the year, the average national urban survey unemployment rate was 5.2%, and in June, the national urban survey unemployment rate was 5.0%;
Stable growth in residents' income: in the first half of the year, the disposable income per capita of residents nationwide was RMB 21,840, a nominal increase of 5.3% year-on-year.
Policy environment
High-level Interaction
On July 24, President Xi Jinping met with European Council President Costa and European Commission President von der Leyen. Xi put forward three propositions on the future development of China-EU relations. First, adhere to mutual respect and consolidate the positioning of partnership. Second, adhere to openness and cooperation, and properly handle differences and frictions. Third, practicing multilateralism and maintaining international rules and order.
On July 15, President Xi Jinping met with Australian Prime Minister Albanese. Xi emphasized that the two sides should promote the docking of development strategies, effectively create a good business environment for enterprises of the two countries, create more points of convergence of interests and growth of cooperation, and continuously upgrade the level and level of cooperation.
On July 26, Premier Li Qiang attended the opening ceremony of the 2025 World Conference on Artificial Intelligence and the High-level Meeting on Global Governance of Artificial Intelligence in Shanghai and delivered a speech. Li Qiang put forward three suggestions around how to grasp the attributes of AI public goods and promote the development and governance of AI. First, pay more attention to popularization and universalization, and make full use of the existing results of AI development. Second, pay more attention to innovation and cooperation, and strive for more breakthroughs in AI science and technology. Third, pay more attention to common governance, to ensure that artificial intelligence in the benefit of mankind on the final fruit.
On July 24, Premier Li Qiang co-chaired the 25th China-EU Leaders' Meeting with European Council President Costa and European Commission President von der Leyen. Li Qiang said that China and the EU, as two major global forces and two major markets, should further close multilateral collaboration, jointly safeguard multilateralism and free trade, resist unilateralism and protectionism, firmly support the core position of the United Nations in global governance, and support the reform and development of the WTO.
On July 10, Premier Li Qiang met with Egyptian President Sisi. Li Qiang pointed out that China is willing to work with Egypt to strengthen cooperation in the fields of economy and trade, finance, manufacturing, new energy, science and technology, and humanities under the framework of “One Belt, One Road”, and encourage more powerful Chinese enterprises to invest in Egypt.
On July 9, Premier Li Qiang met with the Secretary-General of the League of Arab States, Mr. Gheit. Li Qiang pointed out that China is willing to further dovetail with the Arab development strategy, continue to build a high-quality “One Belt, One Road”, expand cooperation in the fields of energy, trade, investment and financing, aerospace, etc., and dig deeper into the potential for cooperation in new energy, artificial intelligence, digital economy, blue economy and other emerging areas, and promote the integration of iconic flagship projects and We will promote flagship projects and “small but beautiful” projects to better benefit the people of both sides.
On July 8, Premier Li Qiang attended a seminar for Chinese enterprises in Brazil. Li Qiang said, further strengthen the construction of various economic and trade cooperation mechanisms and platforms, improve the overseas comprehensive service system, in terms of policy consultation, finance, credit insurance, safety and security, etc., study and introduce more supportive policies, to create a better environment for the development of enterprises, and provide more convenience.
On July 5, Premier Li Qiang met with Brazilian President Lula. Li Qiang pointed out that China is willing to give full play to the complementary advantages of Brazil, consolidate and deepen bilateral cooperation in trade, finance and infrastructure construction under the framework of the high-quality construction of the “Belt and Road”, and expand cooperation in the fields of digital economy, green economy, science and technology innovation, and aerospace, so as to enhance the kinetic energy of development of the two countries.
From July 28 to 29, Vice Premier He Lifeng held U.S.-China economic and trade talks with U.S. Secretary of the Treasury Tony Bessert and U.S. Trade Representative John Greer. The two sides carried out frank, in-depth and constructive exchanges on economic and trade issues of common concern to both sides, such as China-U.S. economic and trade relations, macroeconomic policies, etc., and reviewed and affirmed the consensus of the China-U.S. economic and trade talks in Geneva and the implementation of the London framework. The two sides will continue to push for a 90-day extension of the 24 percent portion of the suspended U.S. reciprocal tariffs and the Chinese countermeasures as scheduled.
On July 14, Vice Premier Ding Xuexiang held the sixth China-EU High-Level Dialogue on Environment and Climate with Executive Vice President of the European Commission Ribera. Ding Xuexiang pointed out that China is willing to work with the European side, adhere to mutual benefit and win-win situation, continuously expand the depth and breadth of cooperation in key areas such as energy, circular economy, etc., and jointly support other developing countries in green and low-carbon development, so as to promote the construction of a fair, reasonable and win-win global environmental and climate governance system.
On July 10, Vice Premier Ding Xuexiang met with former U.S. Treasury Secretary Paulson. Mr. Ding said that China is the biggest certainty in the current turbulent world. It is hoped that the U.S. side will take a correct view of China's development, respect China's core interests and major concerns, develop mutually beneficial and stable economic and trade relations, and share the responsibility of a great power.
On July 9, Vice Premier He Lifeng met with Chairman of the Executive Board of Germany's BASF SE, Mr. Kelley. He Lifeng said that China is solidly promoting high-quality development and implementing more pragmatic opening-up initiatives, and welcomed BASF and other foreign-funded enterprises to seize the opportunity to further expand the depth and breadth of investment and cooperation in China.
On July 22, Minister of Commerce Wang Wentao held video talks with Commissioner for Trade and Economic Security of the European Commission, Mr. Shevchowicz, and held frank and in-depth discussions on China-EU economic and trade cooperation and its key issues, and made solemn representations on the EU's listing of two Chinese financial institutions in the 18th round of sanctions against Russia.
On July 16, Minister of Commerce Wang Wentao met with Mr. Gabriel Jabri, Global CEO of Royal Philips. The two sides exchanged views on Philips' cooperation with China, government procurement and other issues.
On July 30, Foreign Minister and member of the Political Bureau of the Central Committee Wang Yi met with a delegation led by Chairman of the Board of Directors of the U.S.-China National Committee on Trade (NCTC) Riseborough. Wang Yi pointed out that China and the United States should establish more channels of communication and consultation, respect each other's core and vital interests, avoid triggering confrontation and conflict, and refrain from unilateral hegemony in accordance with the principles of respect, equality and reciprocity. The U.S. business community is expected to make new positive contributions to the development of China-U.S. relations and friendship between the two peoples. During the visit, the delegation also met with Minister of Commerce Wang Wentao and CCPIT President Ren Hongbin.
On July 29, Minister of Industry and Information Technology Li Lecheng met with the delegation led by Chairman of the Board of Directors of the U.S.-China Business Council Riesbeth. The two sides exchanged views on equipment and machinery, intelligent manufacturing and other fields. Representatives from Thermo Fisher Scientific, Otis Global, Apple and other companies attended the meeting.
On July 15, Li Lesheng, Minister of MIIT, met with Enrique Lores, President and CEO of Hewlett-Packard Company. Li Lesheng said that China insists on promoting the open innovation and development of the whole industrial chain and is willing to share the opportunities of Chinese-style modernization and development with all parties. The two sides exchanged views on strengthening cooperation in the fields of electronic information and artificial intelligence.
On July 17, Mr. Xiong Jijun, Vice Minister of MIIT, met with Mr. He Maike, President of the American Chamber of Commerce in China (AmCham), and representatives of some member enterprises. Xiong Jijun expressed his hope that AmCham will continue to play an active role in promoting mutually beneficial cooperation between China and the U.S., and support foreign enterprises, including U.S.-funded enterprises, to participate in China's new industrialization process, provide more competitive products and services, and share China's development opportunities. We will have exchanges on topics such as China-U.S. economic and trade relations and the development of U.S.-funded enterprises in China
China's Outward Direct Investment (ODI)
State Council: issued the Circular on Doing a Good Job of Duplicating and Promoting the Pilot Measures of Pilot Free Trade Zones Comprehensively Docking to International High-Standard Economic and Trade Rules to Promote High-Level System-Based Openness, to further deepen reforms in an all-round way, to expand high-level opening to the outside world, to better integrate development and security, to implement in-depth the strategy of upgrading the Pilot Free Trade Zones, and to take the initiative of docking to the international high-standard economic and trade rules. It will build a management system and regulatory model compatible with Chinese-style modernization, and create a transparent, stable and predictable institutional environment.
The People's Bank of China (PBOC): Revised the Business Rules for RMB Cross-border Payment System (Draft for Public Comments) and publicly solicited comments. Clarify the detailed processes of account management, capital injection and fund settlement of CIPS participants, in order to meet the needs of the development of RMB cross-border payment system business. To regulate the behavior of RMB cross-border payment system business and prevent payment risks.
SFC: Published the “Code of Governance for Listed Companies (Revised Exposure Draft)” and publicly solicited comments. It regulates the operation of listed companies, further regulates the behavior of directors, senior management, controlling shareholders and de facto controllers of listed companies, promotes the enhancement of the governance level of listed companies, and protects the legitimate rights and interests of investors.
Ministry of Commerce: Jointly issued the Notice on the Replication and Popularization of a New Batch of Comprehensive Pilot Demonstration Experiences on Opening Up of the Service Industry, continuing to promote a batch of experiences and practices that are highly innovative, practical, and of demonstrative significance to the whole country and relevant regions, so as to provide reference for localities to coordinate and push forward the opening up of and innovation in the service industry, and to accelerate the development of the modern service industry.
SAFE: Drafted the Notice on Issuance of Administrative Provisions on Centralized Operation of Cross-border Funds of Multinational Corporations in Local and Foreign Currencies (Draft for Public Comments), and publicly solicited comments on it. It will steadily promote the pilot of integrated capital pooling in local and foreign currencies, better facilitate the integrated use of cross-border funds by enterprises, and give full play to the role of cross-border business in serving the real economy and promoting trade and investment facilitation.
State Administration of Radio, Film and Television (SARFT): issued the Circular on Adjustment of Relevant Provisions on the Administration of Co-production of TV Drama Films between the Mainland and Hong Kong and Macao Special Administrative Regions (HKSAR), promoting the establishment of closer economic and trade relations between the Mainland and HKSAR and Macao Special Administrative Region (MSAR), and encouraging co-productions of TV drama films between mainland radio and TV program production organizations and service providers of HKSAR and MSAR. (b) Television dramas
Foreign Direct Investment (FDI)
National Development and Reform Commission (NDRC): The NDRC jointly issued the Circular on the Implementation of Certain Measures to Encourage Domestic Reinvestment by Foreign-Invested Enterprises, which is an important document for deepening the reform of the institutional mechanism for promoting foreign investment and attracting and utilizing foreign investment in a more vigorous manner, which is conducive to the work of all parties concerned in a more targeted manner to promote the domestic reinvestment by foreign-invested enterprises.
Ministry of Commerce: The Ministry of Commerce issued the Circular on the Implementation of the Policy of Tax Credits and Exemptions for Direct Investment by Foreign Investors with Distributed Profits, which incentivizes foreign investors to expand their investment in China with profits through the prying effect of tax incentives, and is of great significance in stabilizing the investment expectations and lowering the investment costs.
General Administration of Customs: issued the “8th China International Import Expo 2025 Customs Clearance Instructions” and “Customs Support for the 8th China International Import Expo 2025 Facilitation Measures”, to provide full-process supervision services through the cross-border trade management big data platform and information technology to the exhibitors of the Expo, the information of the exhibits, and to create a digitalized, intelligent and facilitated, Intensification of the whole-process supervision service model of the Fair. Providing detailed guidelines for overseas exhibitors.
Hainan: The provincial branch jointly issued the Implementing Rules for the Pilot Business of Cross-border Asset Management in Hainan Free Trade Harbor, exploring in-depth the development of the pilot cross-border asset management business and improving the convenience of cross-border securities investment and financing exchange. It enriches the supply of cross-border financial products and explores new channels for foreign investors to invest in the domestic market; it is conducive to attracting domestic and foreign asset management organizations to Hainan to expand their business and help the construction of Hainan Free Trade Port.
Shandong: The Department of Commerce jointly issued the “Shandong Province 2025 Stabilization of Foreign Investment Action Implementation Plan”, which in an orderly manner to expand the opening up of the independent put forward, seize the Qingdao City was approved a new round of comprehensive pilot opening up of the service industry, and strive to make breakthroughs in the cultural field of film production, such as the opening up of the independent; strive to expand the opening up of the pilot of the new round of telecom, medical care, education and other fields; Support for foreign-funded enterprises to participate in the segmented production of biological products, encourage foreign investment in Lu to carry out clinical trials of overseas listed cellular gene drugs, listed overseas production of drugs to Shandong production of the implementation of the registration application “three-channel” approval to promote the orderly opening up of the field of biomedicine and other policies.
Hebei: Provincial Culture and Tourism Department jointly issued “ten measures to promote the province's inbound tourism development”, aimed at expanding quality supply, release consumption potential, and promote the high-quality development of inbound tourism in our province.
National Development and Reform Commission (NDRC): The NDRC jointly issued the Circular on the Implementation of Certain Measures to Encourage Domestic Reinvestment by Foreign-Invested Enterprises, which is an important document for deepening the reform of the institutional mechanism for promoting foreign investment and attracting and utilizing foreign investment in a more vigorous manner, which is conducive to the work of all parties concerned in a more targeted manner to promote the domestic reinvestment by foreign-invested enterprises.
Ministry of Commerce: The Ministry of Commerce issued the Circular on the Implementation of the Policy of Tax Credits and Exemptions for Direct Investment by Foreign Investors with Distributed Profits, which incentivizes foreign investors to expand their investment in China with profits through the prying effect of tax incentives, and is of great significance in stabilizing the investment expectations and lowering the investment costs.
General Administration of Customs: issued the “8th China International Import Expo 2025 Customs Clearance Instructions” and “Customs Support for the 8th China International Import Expo 2025 Facilitation Measures”, to provide full-process supervision services through the cross-border trade management big data platform and information technology to the exhibitors of the Expo, the information of the exhibits, and to create a digitalized, intelligent and facilitated, Intensification of the whole-process supervision service model of the Fair. Providing detailed guidelines for overseas exhibitors.
Hainan: The provincial branch jointly issued the Implementing Rules for the Pilot Business of Cross-border Asset Management in Hainan Free Trade Harbor, exploring in-depth the development of the pilot cross-border asset management business and improving the convenience of cross-border securities investment and financing exchange. It enriches the supply of cross-border financial products and explores new channels for foreign investors to invest in the domestic market; it is conducive to attracting domestic and foreign asset management organizations to Hainan to expand their business and help the construction of Hainan Free Trade Port.
Shandong: The Department of Commerce jointly issued the “Shandong Province 2025 Stabilization of Foreign Investment Action Implementation Plan”, which in an orderly manner to expand the opening up of the independent put forward, seize the Qingdao City was approved a new round of comprehensive pilot opening up of the service industry, and strive to make breakthroughs in the cultural field of film production, such as the opening up of the independent; strive to expand the opening up of the pilot of the new round of telecom, medical care, education and other fields; Support for foreign-funded enterprises to participate in the segmented production of biological products, encourage foreign investment in Lu to carry out clinical trials of overseas listed cellular gene drugs, listed overseas production of drugs to Shandong production of the implementation of the registration application “three-channel” approval to promote the orderly opening up of the field of biomedicine and other policies.
Hebei: Provincial Culture and Tourism Department jointly issued “ten measures to promote the province's inbound tourism development”, aimed at expanding quality supply, release consumption potential, and promote the high-quality development of inbound tourism in our province
Taxation
Ministry of Finance: Issued the Announcement on the Policy of Tax Credits for Direct Investment by Foreign Investors with Distributed Profits, clarifying that if the profits distributed by foreign investors to resident enterprises in China are used for direct investment in the country during the period of January 1, 2025 to December 31, 2028 and meet the conditions, they can be used to offset the tax payable of the foreign investor of the current year in accordance with the 10% of the amount of the investment. Any shortfall in the credit for the current year is allowed to be carried forward to the future. Issued the Circular on the Adoption of Relevant Measures for Medical Devices Imported from the EU in Government Procurement Activities, which stipulates that when a purchaser purchases medical devices with a budget amount of RMB 45 million or more, and it is really necessary to purchase imported products, the purchaser shall exclude the participation of EU enterprises (excluding the European-funded enterprises in China) after fulfillment of the statutory procedures. For participating non-EU enterprises, the percentage of medical devices imported from the EU provided by them shall not exceed 50% of the total contract amount of the project. Issued the Announcement on Adjustment of Consumption Tax Policy for Ultra-luxury Small Cars, which adjusts the scope of the additional consumption tax levied on the import of ultra-luxury small cars to “passenger cars and light and medium-sized commercial buses of various power types (including pure electric, fuel cell and other types of power) with a retail price of 900,000 yuan (excluding value-added tax) or more per vehicle”. Further guide reasonable consumption. Jointly issued the Circular on Tax Policies for the Entry and Exit of Goods from and to Hainan Free Trade Port in the “First Tier”, “Second Tier” and Circulation within the Island and the Circular on the Catalogue of Imported Taxable Goods in Hainan Free Trade Port, which stipulates that enterprises in the encouraged industries in Hainan Free Trade Port shall process and export goods with value-added of 30% or more. Goods with value-added of 30% or more are exempted from import tariffs when entering the mainland via the “second line”. Steadily promoting the construction of Hainan Free Trade Port.
State Administration of Taxation (SAT): The State Administration of Taxation (SAT) issued the Announcement on Matters Relating to the Reporting of Tax-Related Information by Internet Platform Enterprises and the Announcement on Matters Relating to the Withholding Declarations and Declarations by Internet Platform Enterprises for Practitioners on Their Behalf within the Platform to provide detailed information on four aspects of the regulations: “who should report, what should be reported, how should be reported, and what should be done in case of non-reporting”. It also clarifies the four aspects of “who should report, what to report, how to report and what to do if not to report” in the regulations, and further highlights the connection with the regulations from the perspective of “two burden reductions” in view of the scenarios where the practitioners obtain labor remuneration or service income from the Internet platform enterprises. Issued the Announcement on Matters Relating to Optimization of Enterprise Income Tax Prepayment Tax Returns and revised the Enterprise Income Tax Prepayment Tax Returns. Those applying the income tax credit policy for energy-saving and water-saving, environmental protection, and special equipment for safe production can independently choose to enjoy the income tax credit policy at the time of pre-payment declaration in the light of their own situation, or at the time of annual remittance declaration.
Hubei: The Provincial Taxation Bureau jointly issued the Announcement on Adjusting the Approved Deduction Standard for VAT Input Amounts of Certain Agricultural Products (Draft for Opinion) and openly solicited opinions. It clarifies the new approved deduction standard for input VAT of agricultural products for three categories of products, namely rice, white meat and soybean oil, and the original approved deduction standard will be discontinued at the same time. It further standardizes the management of approved deduction of input VAT for agricultural products.
Guangdong: Shenzhen Municipal Taxation Bureau issued the Circular on Adjusting the Pre-tax Deduction and Exemption Standard for Individual Income Tax in Shenzhen for the Year of 2025, proposing that individuals who terminate the labor relationship with the employer to obtain a one-time compensation income (including the employer's payment of economic compensation, living allowances and other allowances) within three times the amount of the average salary of the employees of the previous year in the local area are exempted from individual income tax. The portion is exempted from individual income tax. The Shenzhen Municipal Bureau of Finance has jointly issued the “Announcement on Departure Tax Refund Matters (in English and Chinese)”, which specifies that the same traveler shall purchase tax refundable items amounting to more than RMB 200 in the same store on the same day; the goods have not yet been activated or consumed; the date of departure from the date of purchase of the goods is not more than 90 days; and the goods purchased shall be carried by the person himself or herself or transported with him/her outside the country. The tax refund rate is 11% (including agent's handling fee) if 13% tax rate is applicable to the tax refunded goods, and 8% (including agent's handling fee) if 9% tax rate is applicable to the tax refunded goods. The Tax Bureau of Hengqin Guangdong-Macao Deep Cooperation Zone issued the “Guidelines for Declaration of Preferential Policies on Individual Income Tax for High-end Talents and Talents in Short Supply in Hengqin Guangdong-Macao Deep Cooperation Zone for the Year of 2024”, which provides three types of tax exemptions according to the Comprehensive Income Reduction for Resident Individuals, the Operating Income Reduction for Resident Individuals, the Related Income Reduction for Non-Resident Individuals, etc. The tax exemptions for the eligible high-end talents and talents in short supply with an individual income tax liability of more than 15% are to be The calculation of the exempted portion is set out separately.
Tianjin: The Municipal Taxation Bureau issued the Notice on Reduction of Vehicle and Vessel Tax during the Implementation of Traffic Management Measures for Motor Vehicle Restrictions (Draft for Opinion) and openly solicited opinions. It fully protects the legitimate rights and interests of vehicle and vessel taxpayers and reduces the burden of vehicle and vessel tax on taxpayers during the implementation of traffic management measures for motor vehicles.
Beijing: The Municipal Taxation Bureau jointly issued the Circular on the Special Action of “Spring Rain for Seedlings” to Assist the Development of Small and Micro Business Entrepreneurs in 2025, which gradually realizes the sharing of the annual contribution salary data declared by the contributors to the taxation department with the provident fund centers through the Beijing Municipal Big Data Platform. Promoting integrated services and fast processing of preferential policies for small, medium and micro enterprises. Strengthening coordination and cooperation to facilitate fast tax payment.
Hainan: The provincial government has issued the Administrative Measures for the Recognition of Subjects Benefiting from “Zero Tariff” Imported Goods in Hainan Free Trade Port (for Trial Implementation), which specifies the principles of recognizing subjects benefiting from “zero tariff” imported goods, the departments, conditions, process, supervision and management, and other related matters. It specifies the principles, departments, conditions, process, supervision and management, and other related matters of the “zero-tariff” imported goods subject to benefits. The provincial government issued the Interim Measures for the Recognition and Management of Hainan Self-produced Goods under the Policy of Exempting Customs Duty on Value-added Processing in Hainan Free Trade Port, clarifying that the goods produced by enterprises in the encouraged industries in Hainan Free Trade Port containing imported materials with value-added processing in Hainan Free Trade Port of up to or more than 30% shall be exempted from import customs duties and import link value-added taxes and consumption taxes shall be levied in accordance with the rules and regulations.
USA: Trump announced the imposition of specified tariffs on all products from 14 countries at a rate of 25%-40%.
Please click the following link to see more industry trends: 中富博睿政策速递(2025年7月刊)
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