The construction of a free trade port in Hainan Island, China is accelerating

The Chinese Ministry of Commerce held a press conference on the development of an experimental free trade zone on Hainan Island, China. During the Thirteenth Five-Year Plan period, 17 new pilot free trade zones were created across the country, a total of 21, and a total of more than 2,800 pilot free trade zones received pilot reform assignments. Hainan is accelerating the implementation of the Hainan Free Trade Port General Plan.


Sanya recently underwent a tax clearance for the first zero-tariff yacht, and the catamaran saved the company about 1.9 million yuan in taxes. This is the implementation of another important zero-tariff product list for the Hainan Free Trade Port. In addition to speeding up tax-exemption policies, Hainan Free Trade Port has also become more open in terms of market access in key areas such as value-added telecommunications, education and business services.


Taking institutional innovation as the core, the experimental free trade zone will gradually become a model and leader of high-quality development through the in-depth development of profitable and characteristic industries, accelerating the accumulation of resources of high-quality elements. The construction of the first batch of 7 scientific and technological innovation projects has recently begun in the Lingang District of Shanghai's Experimental Free Trade Zone. At present, the Shanghai Experimental Free Trade Zone has established a capital market service platform that serves the integrated development of the Yangtze River Delta region, and has docked with more than 3,000 enterprises in the Yangtze River Delta. The Guangdong Pilot Free Trade Area promotes the soft interconnection of the Guangdong, Hong Kong and Macau systems and extends policies such as rapid cross-border customs clearance into the Great Bay Area.


During the 13th Five-Year Plan period, the negative foreign investment access list in the experimental free trade zone was reduced from 122 positions to 30 in 2020, while the negative foreign investment access list of the first free trade port of Hainan had only 27 positions. During the period of the "thirteenth five-year plan" in the pilot free trade zone, 173 institutional innovations were studied and formed, which will be replicated throughout the country, 260 in total.


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