Blueprint promulgated for Hainan pilot free trade zone

Last update time:2019-10-12 04:18:51

Blueprint promulgated for Hainan pilot free trade zone

Updated: Oct 16,2018 7:51 PM

A general plan for the Hainan pilot free trade zone was rolled out on Oct 16, with the ambition to build the province into a high-standard free trade hub by 2020 in terms of openness, investment convenience, legal environment and financial services.

The free trade zone will cover the whole island, featuring tourism, modern service industry, and high-technology industry. But the development of land and sea areas should abide by Chinese laws and requirements of ecological civilization, as stated in the plan.

Efforts will be strengthened in creating a new system of open economy. The threshold will be largely lowered for foreign capital, which will be granted with pre-establishment national treatment and managed according to the negative list.

For example, foreign capital is allowed for setting up performance troupes as long as the Chinese side holds the biggest share, and restrictions are eliminated for foreign investment in manufacturing new energy cars.

International trade will be facilitated with a string of measures, such as the “one-stop” service window that has integrated data from various departments for customs clearance.

Moreover, a new supervision system will be implemented on trading goods. And new trading business models, such as cross-border e-commerce, are encouraged to push forward trade transformation and upgrade. Openness innovation also will be stepped up in the financial sector to back up Hainan’s real economy, as well as trade and investment. Countries involved in the Belt and Road Initiative are welcome to help build the free trade zone.

The service industry will get a boost. Favorable policies will be given to the modern service industry, including international healthcare, civil aviation cooperation, international exhibitions and competitions. The capacity of international shipping will be increased by establishing an influential shipping center and encouraging shipping enterprises to set up headquarters or operation centers.

Support also will be extended to high-end tourism. Cruise shipping lanes around and starting from Hainan island will be enriched. Foreign tourist groups can enjoy visa-free visits for 15 days if entering the island on a cruise ship. And procedures for foreign yachts entering will be simplified.

Hainan intends to enhance international technological cooperation, especially in breeding and biosafety projects.

Meanwhile, local government is asked to accelerate function transformation in a more supportive way for building the pilot free trade zone. Institutional and administrative reform will go deep, giving Hainan provincial government more authority in allocating administrative resources.

With the aim of forging a first-class business environment, fair competition censorship will be implemented to guarantee various market bodies have equal rights to enter in relative sectors or businesses.

Administrative approval and other service procedures will be standardized and streamlined, with internet platforms widely utilized. Efforts also will be made in improving the intellectual property rights protection system and providing convenience for foreign talents who work in the pilot free trade zone.

For fundamental support, a comprehensive risk prevention system will be established, and the whole construction of the pilot free trade zone should be under the Party’s leadership, as stressed in the plan.