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China is expanding its efforts to develop the southern Hainan island into a globally significant free trade port by creating an enabling business climate and facilitating investment.
The central government had released a master plan in June that outlined a series of measures for the construction of the Hainan free trade port. The new draft law, when passed, will convert the policy incentives into laws. Prominent among these include bills on Customs clearance, tax incentives, capital account opening and improved market access for several industries. Priority will also be given to sectors dealing with the real economy, especially businesses related to tourism, modern services and high-tech in particular, according to the draft.
According to the draft, new steps will be taken for promoting cross-border trade settlements. Financial institutions in the FTP will be allowed to run offshore financial services after necessary approvals. The draft also requires financial institutions in the FTP to serve the real economy as a basic requirement.
Economic activities will be carried out in accordance with the high-standard international economic and trade rules, the draft said. Efforts will also be aimed at making the Hainan FTP a place with world-class business facilities, and it will be governed by a sound legal framework. The island will also allow greater tax breaks for investors by introducing a clearer, more simplified tax structure.
A list-based management approach will be introduced for goods exported and imported through the Hainan FTP, with goods outside the list passing through the port without any hindrance. Greater efforts for environment protection will also be put in place, said the draft law.
In addition, the Hainan provincial government will have its own mandate to undertake necessary reforms.
Source：China Daily
