BEIJING - China on Thursday introduced a zero-tariff policy on certain imported goods for consumption by residents in the Hainan Free Trade Port (FTP).

The policy, effective immediately, was announced in a joint statement by the Ministry of Finance, the General Administration of Customs, and the State Taxation Administration.

It provides that import duties, along with value-added tax and consumption tax levied at both the import and domestic stages, will be exempted on eligible goods purchased by FTP residents at designated retail stores.

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Eligible residents include Chinese citizens with a Hainan identity card, a local residence permit, or a local social security card, as well as overseas personnel who work and live in Hainan and hold valid residence permits.

Each eligible resident is granted an annual duty-free shopping quota of 10,000 yuan (about $1,437.4), with no limit on the number of purchases. The policy covers daily necessities, including specified food and beverages, daily chemical products, household goods, and maternal and child supplies.

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The policy is part of broader efforts to advance high-standard building in the Hainan FTP, aiming to enable residents to directly benefit from the island's opening-up and enhance their sense of gain, according to the statement.