China’s Biggest White Elephant, Hainan Free Trade Port: Prices Soar, Housing Crashes, People Suffer
China’s Biggest White Elephant, Hainan Free Trade Port: Prices Soar, Housing Crashes, People Suffer
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Now, another potentially larger unfinished project may be on the horizon. On December 18, Hainan Free Trade Port officially started its island-wide customs closure operation. "Customs closure" means that the entire island of Hainan will be sealed off, operating as a self-contained economy. Foreign goods entering Hainan will not need to pay customs duties and can be brought directly into the island. Only when they leave the island to enter mainland China will duties be charged. This is what's known as a zero-tariff free port.
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