In the article, the writer says that the Hainan Free Trade Port's upgrade sends an important signal to other Chinese cities to promote vigorous institutional innovation.. Read more at straitstimes.com.
BEIJING /ASIA NEWS NETWORK) - 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.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.
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.The offshore duty-free shopping policy was implemented in Hainan in April 2011 with a per capita quota of 5,000 yuan , 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.
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.Hainan will become a window through which international talent could come to China. The free port will introduce a maximum of 15 per cent personal income tax for eligible talent.
Although Hainan's construction plan cannot be copied indiscriminately, it could lend some reference to other provinces and municipalities.
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