Global EditionASIA 中文雙語Fran?ais
    World
    Home / World / World Watch

    Hainan port plan will take opening-up to higher level

    By Wang Huiyao | China Daily Global | Updated: 2020-06-11 10:02
    Share
    Share - WeChat
    A view of Sanya bay in Hainan province, Jan 31, 2019. [Photo/Xinhua]

    The Central Committee of the Communist Party of China and the State Council, China's Cabinet, recently released a master plan for the Hainan Free Trade Port. Eleven key industrial parks were unveiled on June 3, marking the start of construction of the port.

    From a pilot free trade zone to a free trade port, Hainan has experienced an increased level of opening-up. The master plan requires that the port put in place economic and trade rules that match international standards.

    The zero-tariff policy will facilitate the free flow of factors of production. As China's largest zone for economy and talent in the new era, the port will be built into a new high ground for China's opening-up.

    The Hainan Free Trade Port has four distinctive features.

    First, its trade and investment facilitation policies aim to reach international standards. It will reduce trade barriers and improve quarantine procedures on goods and articles outside the taxable catalog.

    The port will work to promote liberalization and facilitation of trade in service, where a negative list will be introduced to break barriers and provide national treatment to overseas service providers.

    Second, the roles of tourism, modern services and high-tech industries have been emphasized. Preferential policies have been considered for these sectors. Companies in Hainan in these sectors could get the largest corporate income tax concession (a maximum of 15 percent).

    Foreign investors who get involved before 2025 can have their corporate taxes totally exempted. The plan considers financial benefits and guarantees for startups from the central government and simplified legal procedures.

    Third, the offshore duty-free shopping quota has been raised, making Hainan a new shopping paradise. The offshore duty-free shopping policy was implemented in Hainan in April 2011 with a per capita quota of 5,000 yuan (around $700), and was later increased to 30,000 yuan per person a year. It has been proposed that the quota be raised to 100,000 yuan per person a year.

    This expansion will help Hainan attract more tourists after the COVID-19 pandemic ends.

    Fourth, regulations will be improved to support the building of the free port. Sound regulation could help companies get more benefits from preferential policies, such as improving trade and investment facilitation, and protecting lawful rights of enterprises.

    Hainan's upgrade from a free trade area to a free trade port, together with the existing 18 free trade areas, is shaping a more sophisticated opening-up architecture stretching from coastal regions to inland China.

    The port will blaze new trails for opening-up, which could be expanded to other areas.

    For Hainan, zero tariffs represents an important start, and it may evolve into zero subsidies and zero barriers. Such a triple-zero policy is the ideal model for free trade development, since it will promote competition, unleash corporate innovation and offer consumers more options.

    High-level opening-up cannot be achieved without international talent. Hainan will become a window through which international talent could come to China. The free port will introduce a maximum of 15 percent personal income tax for eligible talent.

    In addition, high-level overseas polytechnic, agricultural and medical universities, as well as vocational colleges, will be allowed to run independent or jointly run schools.

    The upgrade of the Hainan Free Trade Port sends an important signal to other Chinese cities: While responding to the economic fallout of COVID-19, they should adopt proactive policies and promote vigorous institutional innovation.

    Although Hainan's construction plan can't be copied indiscriminately, it could lend some reference to other provinces and municipalities. For example, they could formulate more beneficial policies for tourism, modern services and technology startups, and encourage them to explore new business models to accelerate the economy.

    China will further integrate itself with the development of the world and contribute more to economic globalization through Hainan. The free port could form greater synergy with the Guangdong-Hong Kong-Macao Greater Bay Area and boost economic and trade relations with Southeast Asian countries.

    Building the Hainan Free Trade Port marks a major step toward China's higher-level opening-up. Only through opening-up and cooperation can the world better respond to the pandemic, the deglobalization wave and other global challenges.

    China's positive signals will inject confidence and strength into international cooperation and pandemic response efforts.

    The author is president of the Center for China and Globalization, a think tank. The views do not necessarily reflect those of China Daily.

    Most Viewed in 24 Hours
    Top
    BACK TO THE TOP
    English
    Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
    License for publishing multimedia online 0108263

    Registration Number: 130349
    FOLLOW US
    国色天香中文字幕在线视频 | 日本中文字幕在线视频一区| 日韩精品无码专区免费播放| 天堂中文字幕在线| 中文亚洲欧美日韩无线码| 久久青青草原亚洲av无码app| 台湾无码AV一区二区三区| 狠狠躁夜夜躁无码中文字幕| 国产免费久久久久久无码| 日韩人妻无码精品久久免费一 | 精品久久亚洲中文无码| 一区二区中文字幕| 7777久久亚洲中文字幕| 亚洲成av人片不卡无码久久| 国产成人精品无码免费看| 性无码专区无码片| 亚洲AV永久无码精品成人| 国产aⅴ激情无码久久| 久久精品无码一区二区WWW| 韩国三级中文字幕hd久久精品| 久久久久久久人妻无码中文字幕爆| 人妻无码久久精品| 免费 无码 国产在线观看观| 激情无码人妻又粗又大中国人| 日韩AV无码中文无码不卡电影| 亚洲AV无码片一区二区三区| 亚洲成a人片在线观看无码专区 | 亚洲精品无码不卡| 18禁无遮拦无码国产在线播放| 国产亚洲精品无码成人| 成在线人免费无码高潮喷水| 国产高清无码毛片| 久久久久无码专区亚洲av| 无码国内精品久久人妻麻豆按摩 | 熟妇人妻不卡中文字幕| 中文字幕久久波多野结衣av| а天堂中文在线官网| 中文字幕一区二区精品区| 中文成人无码精品久久久不卡| 无码不卡av东京热毛片| 亚洲AV无码久久精品成人|