A news report from China.org.cn on Hainan Free Trade Port: “The spring breeze brushes through Hainan Island. Flowers and fruits blossom everywhere”
Brief past about Hainan
These refreshing lyrics from the iconic song Please Come to the Ends of the Earth were sung at the 1984 Spring Festival Gala which put Hainan on the radar for the Chinese people.
Back then, “spring all year round” and “fragrant flowers and sweet fruits” were the greatest merits of this island. Four years later, Hainan Province was founded and designated as a special economic zone.
That’s when the change really started to happen. 2023 marks the 35th year since the establishment of the Hainan Special Economic Zone.
What was previously considered “the ends of the earth” to the Chinese people is now a holiday resort destination and home to the world’s largest single duty-free complex and the only circular high-speed railway.
What globalisation means for Hainan
In addition, “globalization” has also become a hallmark of Hainan: the Boao Forum for Asia is a consensus building institution permanently based in Hainan that drives cooperation and development for Asia and the world.
The China International Consumer Products Expo, which has been held for three years consecutively, provides a platform for countries to share business opportunities in the Chinese market.
2023 also marks five years since the building of a free trade port with Chinese characteristics in Hainan.
Since the Law of the People’s Republic of China on the Hainan Free Trade Port came into effect, the combined effect of China’s free trade port policy and the RCEP saw the piloting of CPTPP, DEPA and other international high standard economic and trade rules, culminating in a series of legal, policy and institutional measures to facilitate the port’s full opening up to the international market.
At present, three “zero tariff” lists, and the 15% income tax incentives for corporations and individuals are among the over 180 policy instruments that have been rolled out in Hainan.
The special administrative measures, or “negative list” for foreign investment has also been slimmed down to 27 items, the shortest in the country.
Hainan promotes investment
Hainan sent delegations to visit Japan, Germany, Southeast Asia and other regions to promote investment and held foreign investment symposiums for enterprises — these are some of Hainan’s practical and earnest efforts towards seeking openness and win-win cooperation.
That’s why well-known jewelry brand De Beers Forevermark only took one month to settle in Hainan.
Top-tier destination for auctions and private sales Sothetby’s, United States’ General Electric, France’s Kering Group, Singapore’s leading medical group Raffles, Japan’s Lawson and other companies have also poured investment into Hainan.
Furthermore, entrepreneurs from Italy, Ghana and other countries have also selected Hainan as their market-entry destination into China.
Currently, Hainan free trade port is preparing for official independent customs operations in 2025, meaning Hainan will turn into a region inside the national border but outside the customs territory of China, which will further highlight connectivity with the world and implement more liberal trade and investment policies.
For 35 years, China has been exploring and innovating in Hainan, becoming more and more open in the process.
Welcome to Hainan, where the ocean is pristine and the sand is white, to take advantage of free trade and to pursue a win-win-win future for all.