{"id":5900,"date":"2020-06-13T15:11:34","date_gmt":"2020-06-13T15:11:34","guid":{"rendered":"https:\/\/saccima.org\/?p=5900"},"modified":"2020-06-13T16:11:01","modified_gmt":"2020-06-13T16:11:01","slug":"hainan-free-trade-port-60-key-policies-for-foreign-investments","status":"publish","type":"post","link":"https:\/\/ncccima.org\/?p=5900","title":{"rendered":"Hainan Free Trade Port \u2013 60 Key Policies for Foreign Investments"},"content":{"rendered":"\n

The Chinese government has recently announced the building of a high-quality and high-standard free trade port in south China\u2019s Hainan Province. In 2018, China also announced the decision to develop Hainan into a pilot free trade zone<\/a>, and with this move, the government wants to continue to develop the province, opening-up to foreign investments to help the economy.<\/p>\n\n\n\n

China aims to build the southern island province into a globally influential duty-free trading center by the middle of the century.<\/p>\n\n\n\n

The plan aims to facilitate free trade, investment and cross-border capital flows in Hainan and says designated imported goods will be exempted from tariffs on the whole island.<\/p>\n\n\n\n

Below Hainan Provincial Bureau of International Economic Development (Invest in Hainan) lists all the 60 key policies to facilitate foreign investments in the province.<\/p>\n\n\n\n

Policies about Taxes<\/h2>\n\n\n\n

1. Maximum personal income tax of 15 percent for eligible talents<\/p>\n\n\n\n

2. Corporate income tax of 15 percent on encouraged industrial enterprises<\/p>\n\n\n\n

3. Allow qualified capital expenditures to be fully tax deducted, or to accelerate depreciation and amortization<\/p>\n\n\n\n

4. Export tax rebates on domestically built ships that are registered at Yangpu Port of China and engaged in international transport<\/p>\n\n\n\n

5. Adopt a trial policy of tax rebates at the port of departure on goods that use Yangpu Port of China as a transit port for the final departure from China<\/p>\n\n\n\n

Policies about Exemptions<\/h2>\n\n\n\n

6. Exemption from import duties, import value-added tax, and consumption tax on imported production equipment for enterprises\u2019 own use<\/p>\n\n\n\n

7. Exemption from import duties, import value-added tax, and consumption tax on imported operational vehicles and yachts<\/p>\n\n\n\n

8. Exemption from import duties, import value-added tax, and consumption tax on raw and auxiliary materials imported for production<\/p>\n\n\n\n

9. Exemption from import duties, import value-added tax, and consumption tax on imported goods purchased by island residents<\/p>\n\n\n\n

10. Exemption from corporate tax on the income acquired from a new foreign direct investment before 2025 for tourism, modern services, and high-tech industry enterprises<\/p>\n\n\n\n

11. Tax exemption on imports and sales for overseas exhibits during the exhibition<\/p>\n\n\n\n

12. Products originating from Hainan, including output products whose added value exceeds 30 percent after the domestic processing of imported intermediary products, are exempt from taxes when entering the rest of China<\/p>\n\n\n\n

Policies about Industries<\/h2>\n\n\n\n

13. Build Yangpu Port of China into an international port of registry<\/p>\n\n\n\n

14. Build Hainan into an island featuring innovative and international education<\/p>\n\n\n\n

15. Establish a multi-functional free trade account system<\/p>\n\n\n\n

16. Establish Hainan International Intellectual Property Rights Exchange<\/p>\n\n\n\n

17. Support overseas securities, funds, and futures institutions to set up wholly-owned or jointly-owned institutes in Hainan<\/p>\n\n\n\n

18. Support the establishment of property insurance, life insurance, and reinsurance companies, mutual insurance organizations, and self-insurance companies<\/p>\n\n\n\n

19. Build an international aviation hub<\/p>\n\n\n\n

20. Build a new international land and sea transport hub to connect Western China with the world<\/p>\n\n\n\n

21. Build a regional medical center<\/p>\n\n\n\n

22. Build a national base featuring China\u2019 s technology blockchain and industrial innovation<\/p>\n\n\n\n

23. Build a pilot zone for cruise tourism<\/p>\n\n\n\n

24. Build a pilot zone for reform, development, and innovation of the yacht industry<\/p>\n\n\n\n

25. Build Hainan into an International Design Island<\/p>\n\n\n\n

26. Build a national sino-foreign culture and trade exchange base<\/p>\n\n\n\n

Policies about Financial and Insurance Markets<\/h2>\n\n\n\n

27. Replace pre-audit with post-audit for the banking sector on authenticity review of cross-border and new international trade<\/p>\n\n\n\n

28. Remove restrictions on overseas ship and aircraft financing<\/p>\n\n\n\n

29. Decentralize the registration management of foreign debts issued by enterprises to Hainan<\/p>\n\n\n\n

30. Expand the scope of cross-border asset transfer<\/p>\n\n\n\n

31. Allow enterprises listed overseas to handle foreign exchange registration directly at banks<\/p>\n\n\n\n

32. Support to develop cross-border medical insurance products in cooperation with overseas institutions<\/p>\n\n\n\n

33. Support the construction of trading venues for international energy, shipping, property rights, and equity stakes<\/p>\n\n\n\n

34. Enable non-residents to participate in trading and fund settlement at trading venues<\/p>\n\n\n\n

35. Develop over-the-counter (OTC) derivatives services<\/p>\n\n\n\n

36. Conduct cross-border asset management services<\/p>\n\n\n\n

37. Issue Hainan provincial bonds globally<\/p>\n\n\n\n

Policies about Data and Telecommunication<\/h2>\n\n\n\n

38. Open up value-added telecommunications services<\/p>\n\n\n\n

39. Conduct services of online data processing and transaction processing<\/p>\n\n\n\n

40. Open up basic telecommunications services in a safe and orderly fashion<\/p>\n\n\n\n

41. Conduct the International Internet Data Interaction Pilot Project<\/p>\n\n\n\n

Policies about Market Access<\/h2>\n\n\n\n

42. Conduct the negative list of cross-border trade in services for Hainan Free Trade Port<\/p>\n\n\n\n

43. Grant enterprises to get access to the market with a prior commitment<\/p>\n\n\n\n

44. Conduct the special list of market access to the Hainan Free Trade Port<\/p>\n\n\n\n

45. Conduct the negative list of foreign investment access to the Hainan Free Trade Port<\/p>\n\n\n\n

Policies about Visa<\/h2>\n\n\n\n

46. Implement a more convenient visa-free entry policy<\/p>\n\n\n\n

47. Conduct a negative list management system on the issuance of work permits for foreign employees<\/p>\n\n\n\n

General Policies<\/h2>\n\n\n\n

48. Allow flights in and out of Hainan to refuel with bonded aviation fuel<\/p>\n\n\n\n

49. Allow ships (those engaged in domestic and foreign trade) that transit at Yangpu Port of China to refuel with bonded oil<\/p>\n\n\n\n

50. Allow overseas high-level universities and vocational colleges specialized in science, engineering, agriculture and medicine to open branch schools independently in Hainan<\/p>\n\n\n\n

51. Treat domestic and foreign enterprises as equals in government procurement<\/p>\n\n\n\n

52. Salary ranges employed as main indices to evaluate talents<\/p>\n\n\n\n

53. Permit foreign personnel to serve as legal representatives in legal bodies, public institutions, and state-owned enterprises<\/p>\n\n\n\n

54. Prioritize the support of listing Chinese enterprises overseas<\/p>\n\n\n\n

55. Expand air traffic rights, including the Fifth Freedom and Seventh Freedom<\/p>\n\n\n\n

56. Authorize the Hainan government to manage and adjust the use of cultivated land, permanent basic farmland, forestland, and land for construction<\/p>\n\n\n\n

57. Grant greater autonomy to various industry organizations<\/p>\n\n\n\n

58. Formulate laws and regulations based on the reality of Hainan\u2019 s free trade port construction<\/p>\n\n\n\n

59. Raise the quota for offshore duty-free shopping to RMB 100,000 per person per year and expand the categories of duty-free products<\/p>\n\n\n\n

60. Adopt an import & export management system featuring \u201cfree flow through the first line and efficient control at the second line\u201d in Yangpu Bonded Port Area and other qualified zones.<\/p>\n\n\n\n

If you are interested to know more about the new Hainan Free Trade Port Policy & Preferential’s and want to enter or expand your business in the China, contact us: <\/p>\n","protected":false},"excerpt":{"rendered":"

The Chinese government has recently announced the building of a high-quality and high-standard free trade port in south China\u2019s Hainan Province. In 2018, China also announced the decision to develop Hainan into a pilot free trade zone, and with this move, the government wants to continue to develop the province, opening-up to foreign investments to help the economy. […]<\/p>\n","protected":false},"author":1,"featured_media":5923,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,3],"tags":[],"class_list":["post-5900","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","category-slider-news"],"_links":{"self":[{"href":"https:\/\/ncccima.org\/index.php?rest_route=\/wp\/v2\/posts\/5900","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ncccima.org\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ncccima.org\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ncccima.org\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ncccima.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=5900"}],"version-history":[{"count":5,"href":"https:\/\/ncccima.org\/index.php?rest_route=\/wp\/v2\/posts\/5900\/revisions"}],"predecessor-version":[{"id":5925,"href":"https:\/\/ncccima.org\/index.php?rest_route=\/wp\/v2\/posts\/5900\/revisions\/5925"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ncccima.org\/index.php?rest_route=\/wp\/v2\/media\/5923"}],"wp:attachment":[{"href":"https:\/\/ncccima.org\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5900"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ncccima.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5900"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ncccima.org\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5900"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}