China Opens Up All Mainland Ports For Hong Kong Wine Imports
Date£º
2017-11-16 08:59 Source£º
www.thedrinksbusiness.com Author:
Natalie Wang Translator:
China has opened up all of its ports to wine imports from Hong Kong in a further boost to the territory¡¯s position as a gateway to mainland China, the General Administration of Customs has announced.
Effective from 9 November, the country has made all ports accessible for wine imports from Hong Kong, which is expected to benefit more than 300 companies, according to the department.
For years, Hong Kong has acted as a springboard for merchants eyeing for mainland market, given the city has zero tariff on imported wine and an effective logistics and distribution system.
The number of ports has expanded from the original five in Shenzhen, Shanghai, Beijing, Tianjin, Guangzhou to all ports across China. This will help facilitate the creation of a wine distribution network directly to western, southern and northern parts of China.
As an example, the customs department said by the end of August this year the country had imported more than nine million litres of wine from Hong Kong through the five ports, valued at roughly RMB 500 million (US$75.27 million). .
The goal, according to the administration, is to ¡°further enhance Hong Kong¡¯s position as Asia¡¯s wine trading and distribution centre¡±, as it stated on its website.
For registered traders in Hong Kong, under the new scheme, they will be able to enjoy the preferential measures in terms of expediting clearance process and pre-valuation of wine duty.
However, wine imports from Hong Kong entering mainland China are still subject to VAT, duties and excise taxes.
(https://www.thedrinksbusiness.com/2017/11/china-opens-up-all-mainland-ports-for-hong-kong-wine-imports/)