Hainan Free Trade Port: Overall Plan, major policies and key industries of Hainan free trade port.
On June 1, 2020, the overall plan for Hainan free trade port was officially released to the world.
The Hainan free trade port will align itself with high-level global economic and trade rules, and become a flagship of China’s opening-up and a key opening door in the new era, while focusing on trade and investment facilitation, forging ahead the opening process in stages and good order, and achieving early harvest through early arrangements.
To help you get a clear picture of the investment opportunities for key industries, Hainan Provincial Bureau of International Economic Development along with the Hainan Department of Commerce will be interpreting the overall plan for Hainan free trade port in the upcoming series. We welcome investors from all over the world to invest in Hainan, actively participate in the construction of Hainan free trade port, share new opportunities and benefit from the achievements of China’s reform and opening up.
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.
Build an overall business environment that reaches top level in China, with substantial increase in market entities, significant improvement in industrial competitiveness, effective risk prevention and control, gradually improved legal system that adapt to the construction of the free trade port, and significantly improved quality and efficiency of economic development.
By 2035, the institutional system and operation mode of the free trade port will be more mature.
The trade & investment rules that are characterized by freedom, fairness, law-based order and high-level process supervision will be basically constructed, thus realizing freedom & convenience of trade, investment, cross-border capital flow, personnel entry & exit, and transportation, as well as data security and orderly flow.
The business environment will be more optimized, the legal system will be more sound, the risk prevention and control system will be more rigorous, and the modern social governance pattern will be basically formed, thus forming a new highland of China’s opening-up economy.
By the middle of this century, the high-level free trade port with strong international influence will be fulfilled in an all-round way.
Implementation scope – The implementation scope of Hainan free trade port is the whole region of Hainan Island.
Phased step-by-step arrangement – The key tasks to be completed before 2025 would be focus on promoting free and convenient trade, investment and exert effective supervision to carry forward opening up in an ordered way with convenient and effective flow of various elements, thus achieving early results and initiating independent customs operations throughout Hainan Island in appropriate time.
Related article: China unveils 2020 negative list for foreign investment access in Hainan free trade port
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