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Highlights of Hainan free trade port master plan

An international cruise ship anchored off the coast of Sanya, Hainan province. [Photo by Sha Xiaofeng/for China Daily]

Chinese authorities on Monday released a master plan for the Hainan free trade port, aiming to build it into a globally influential high-level free trade port by the middle of the century.

A free trade port system will be “basically established” in Hainan by 2025 and become “more mature” by 2035, according to the plan jointly issued by the Central Committee of the Communist Party of China and the State Council.

Here are some highlights of the newly released document.

A worker loads containers at the port of Yangpu in South China’s Hainan province, April 8, 2020. [Photo/Xinhua]

1. Trade liberalization and facilitation

To enable the free flow of trade, the island province will introduce measures that center on zero tariffs for the trade of goods, while facilitating both entry and business operation for service providers.

Photo taken on April 9, 2020 shows a view of Sinopec Hainan Petrochemical Co. [Photo/Xinhua]

2. Investment liberalization and facilitation

Market entry will be markedly widened for investments in an open, transparent and predictable environment featuring strengthened intellectual property rights protection and fairness in competition, in order to further unleash the vitality of market entities.

A teller counts cash at a bank branch in Taiyuan, Shanxi province.[Photo/China News Service]

3. Free cross-border capital flow facilitation

Finance serves the real economy. Hainan will open capital accounts in phases based on free trade and investment facilities, and promote the cross-border flow of funds in an orderly manner.

An employer (left) communicates with a job hunter at a job fair in Haikou, South China’s Hainan province, April 18, 2020. [Photo/Xinhua]

4. Free and convenient access for people

More accommodative traveling regulations will be implemented to encourage talent in high-end industries to stay, reside or work in the free trade port to build a talent hub.

Passengers board a Hainan Airlines airplane at Haikou Meilan International Airport in the capital city of Hainan province on Nov 12, 2018. [Photo by Hu Yuanjia/For China Daily]

5. Free and convenient transportation

High-level free and open transportation policies will be implemented. The construction of international shipping and aviation hubs of the New International Land-Sea Trade Corridor will be promoted to speed up the building of a modern comprehensive transportation system.

A visitor tours the digital exhibition hall of Hainan Museum in Haikou, South China’s Hainan province, May 18, 2020. [Photo/Xinhua]

6. Safe and orderly flow of data

While ensuring the security of data flow, China will expand opening-up in the data field, innovate institutional design, and cultivate and develop the digital economy in the free trade port.

Aerial photo taken on April 4, 2020 shows the Sanya international duty-free shopping complex in Sanya, South China’s Hainan province. [Photo/Xinhua]

7. Modern industrial system

Hainan will put more effort into developing tourism, modern services and high-tech industries, laying a solid foundation for the real economy to strengthen industrial competitiveness.

A staff explains to a taxpayer about a new policy on VAT reduction at a local tax bureau in Fengze district of Quanzhou, Southeast China’s Fujian province, April 1, 2019. [Photo/Xinhua]

8. Taxation system

An internationally competitive taxation system will be established, which should be suitable for a high-level free trade port by sticking to the principle of zero tariffs, low tax rates, a simplified taxation system and the rule of law.

People visit a snack street in Haikou, capital of South China’s Hainan province, March 26, 2020. [Photo/Xinhua]

9. Social governance

Efforts will also be made to advance the reform of government institutions and the transformation of government functions, said the master plan, encouraging the application of blockchain and other technologies in the modernization of the governance system and capacity.

Aerial photo taken on April 1, 2020 shows the park area of Hainan Resort Software Community in Chengmai county, South China’s Hainan province. [Photo/Xinhua]

10. Rule of law

A system of rule of law for the free trade port will be established in a bid to create an world-leading rule-of-law environment.

Employees work in a company at Hainan Resort Software Community in Chengmai county, South China’s Hainan province, April 1, 2020. [Photo/Xinhua]

11. Risk prevention and control system

Effective measures will be rolled out and implemented to forestall and defuse risks in fields including trade, investment, finance, data flow, ecology and public health, in a targeted manner.

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