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Master plan for Hainan free trade port
Published on: 2020-06-02
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hainan 2China has released a master plan for the Hainan free port that aims to build the southern island province into a globally influential duty-free trading center by the middle of the century.

A trade port system focusing on trade and investment liberalization and facilitation 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.

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.

It lists plenty of work emphasis in periods stretching to 2035. Among dozens of policies in the plan, the following are the ones seen as taking lead in the free trade port:

hainanInnovative management on import-export

The plan says Hainan will establish more special custom supervision regions to help the island implement more flexible import-export management.

The island will be built as a convenient and efficient "single window" while dealing with imports and exports with overseas countries.

Hainan will pull out a list of goods and articles prohibited and restricted from import and export by the port, while the goods and articles outside the list shall enter and exit freely .

Additionally, a catalog of imported taxable commodities will also be formulated, but goods outside the catalog will be exempted from import duties when entering the free trade port.

Reduce limitations on cross-border services trade

In the key areas, Hainan will take the lead in regulating domestic rules that affect the freedom and convenience of the services trade.

The port will formulate and issue negative lists of the cross-border services trade to treat overseas service providers with national treatment, and remove various barriers existing in services trade modes such as cross-border delivery, overseas consumption and movement of natural persons, and grant national treatment to overseas service providers.

Meanwhile, the plan stressed the need to carry out system innovations in the areas of intellectual property transfer, utilization, and taxation policies, and standardize the exploration of intellectual property securitization, by building the Hainan International Intellectual Property Exchange.

hainan 3Widen the opening-up of the finance sector

The plan says Hainan is to take the lead in implementing the policy of expanding the opening of the financial industry, by supporting the construction of international energy, shipping, property rights, equity, and other trading venues and speeding up the development of settlement centers.

In addition, Hainan will support qualified overseas securities fund and futures institutions to set up wholly-owned or joint venture financial institutions on the island.

It will also support financial institutions that innovate financial products and improve service quality and efficiency, based on the development needs of key provincial industries such as tourism, modern services, and high-tech industries.

Moreover, in an effort to boost foreign investment, China will implement a minimal approval process on investment by making special lists for relaxing barriers to market access for the Hainan free trade port and negative lists for foreign investment market access.

The supervision system will be based on credit supervision and compatible with negative lists management.

海南自贸港建设方案发布

6月1日,《海南自由贸易港建设总体方案》印发。《方案》提出,到2025年初步建立以贸易自由便利和投资自由便利为重点的自由贸易港政策制度体系。到2035年,自由贸易港制度体系和运作模式更加成熟,营商环境更加优化,法律法规体系更加健全,风险防控体系更加严密,现代社会治理格局基本形成,成为我国开放型经济新高地。到本世纪中叶,全面建成具有较强国际影响力的高水平自由贸易港。

《方案》提出的开放措施亮点较多:例如推动贸易自由,在洋浦保税港区等具备条件的海关特殊监管区域率先实行“一线”放开、“二线”管住的进出口管理制度,根据海南自由贸易港建设需要,增设海关特殊监管区域。

税收政策优惠力度大:措施包括人才个人所得税最高15%,鼓励类企业实施15%企业所得税,企业进口自用生产设备免征进口关税、进口环节增值税和消费税,进口营运用交通工具及游艇免征进口关税、进口环节增值税和消费税,进口生产原辅料免征进口关税、进口环节增值税和消费税,岛内居民购买的进境商品免征进口关税、进口环节增值税和消费税,离岛免税购物额度调高至每年每人10万元并增加品种,旅游业、现代服务业、高新技术产业企业2025年前新增境外直接投资所得免征企业所得税等。

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