According to caixinglobal.com, China drafted a law formalizing the free trade port status of Hainan following the pilot program testing of a unique national policy of zero tariffs, low tax rates and a simplified tax system.
The measure will make Hainan Island province China’s largest free trade area.
According to Vice Minister of Commerce Wang Shouwen during a briefing on the blueprint for the Hainan FTP “The whole island will be an FTZ, which will distinguish Hainan from the rest.”
The 35,400-square-km Hainan FTP is 27 times the size of the other FTZs on the mainland. It is 49 times the size of Singapore and nine times that of Dubai.
China announces establishment of Hainan Free Trade Port Intellectual Property Court
The draft legislation, which has been reviewed by the National People’s Congress, is open for public comment until Jan. 29. The proposal is in line with a master plan announced in June 2020 for transforming the entire province into a globally influential free trade port.
The development goal of Hainan free trade port – By 2025, we will initially establish the free trade port policy & institutional system, which focuses on trade and investment liberalization and facilitation.
China’s Vice Premier Han Zheng called for more progress in constructing the Hainan free trade port.
Attention should be directed to major industries and platforms to boost the real economy and promote the high-quality development of Hainan.
China’s Vice Premier Han Zheng
Related article: China unveils 2020 negative list for foreign investment access in Hainan free trade port
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