China to Build Free Trade Port in Hainan Province
Chinese authorities unveiled a major strategic decision on June 1st of building free trade port in Hainan Province to facilitate investment, free trade, and cross-border capital flows in the island province.
This will introduce a series of preferential policies, including risk prevention and control system, tailored taxation mechanisms, a special market access list and negative list offered to the Hainan free trade port.
According to the State Council, China is aiming to establish a set of free trade port policies across Hainan by 2025 and a globally influential high-level free trade port by the middle of the century.
Hainan is expected to attract global companies from civil aviation, tourism, logistics, shipping, financial and service sectors to invest and expand their business.
The development of the free trade port will greatly spur local consumption as the plan covers key measures regarding the implementation of the free trade policy system, includes exemptions of import duty. The implementation of “zero-tariff” is expected to benefit all tourists and residents in Hainan.