Hainan poised to be China's leader in economic reform

广州寰东投资咨询有限责任公司

2021-03-14

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Global Eastern Investment （GEI） escort your business.

GEI focuses on the establishment of wholly foreign-owned and Sino-foreign joint venture companies, financial and tax planning, foreign residence permits and overseas company establishment.

A rich economy and a fully developed future are in store for China's southernmost province of Hainan, which stems directly from the country's development goals for the island.

Last June, China's economic planners issued a roadmap for Hainan to be transformed from a holiday island destination into a major trade hub and free trade port (FTP). This will effectively turn Hainan into China's largest special economic zone, competing with the likes of regional hubs such as China's Hong Kong and Singapore.

Logistics and international trade will undoubtedly be at the core of Hainan's economic future.

We also have the most open free trade port policy here. So from these respects, Hainan will be a window of China's reform and opening-up.

Meanwhile, under Hainan's FTP Plan, logistic flows will be eased. The plan includes a trial policy of tax rebates for departing goods at the port, and even export rebates for domestically built ships that are registered for international transport.

This policy more or less lines up with China's often long-term and meticulous economic planning, including the nation's 14th Five-Year Plan (2021-2025).

That future role of trade significance resonates with investment analysts, seeing China's reform and opening up as not only inward-oriented but also active in attracting foreign investment.

"One of the highlights of the Hainan Free Trade Port is a very low corporate income tax (CIT) and individual income tax rates. Specifically of the period to 2025, there will be a reduced 15 percent CIT rate, to be applied to enterprises registered in the Hainan Free Trade Port that are engaged in encouraged industries."

The province's plans are clearly outlined, with Hainan estimated to be a leading business environment in China by 2025. Then, provincial authorities believe the Hainan FTP will reach a mature stage of operation by 2035. Finally, at its fully completed stage in 2050, the FTP is forecast to be a hub with strong international influence.

Source: Hainan Free Trade Port

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