BEIJING, Feb. 5 -- 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.

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 U.S. dollars), 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.

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.