Hainan FTP Plan Boosts Market Entity Emergences in Haikou City during 2021 Jan-Sept period

HAIKOU, China, Nov. 9, 2021 /PRNewswire/ -- The 2021 January-September period witnessed 176,900 market entities emerged, an increase of 126 percent from that of the last same period, in Haikou, capital of south China's Hainan Province, on back of the government's efforts to implement the master plan for the Hainan Free Trade Port (FTP), announced Haikou International Investment Promotion Bureau this month.  

The master plan for the Hainan free trade port aims to build the southern island province into the world's largest duty-free market, and a globally-influential high-level free trade port by the middle of the century. According to the government plan, by 2050 this region will become a unique cluster with an advanced economy, where campuses of leading universities, advanced laboratories and headquarters of leading multinational corporations will be located.

Since the master plan was released on June 1st, 2020, Haikou attended eight signing ceremonies in Hainan Province, which involved 106 projects totaling 50.995 billion yuan (about 7.9 billion US dollars) of investment, with the engagement of Xiaomi Corporation, China Railway Material General, Cambodia Angkor Air, De Beers, and other well-known enterprises. 

Haikou has streamlined the administrative process to better serve enterprises, with efficiency improved by 90% in recent years. The approval time limit for non-governmental investment projects was reduced to 14 working days, and saved considerable time before construction kick-off.

Hainan Chang'an International Pharmaceutical Co., Ltd. went through the whole process of site selection to the investment contract determination within 21 days. Up to date, the company has capped its main project, with 400 million yuan (about 61.5 million US dollars) already invested in its anti-tumor drug production line.

Haikou also made efforts to host investment invitation events in cities of Beijing, Shanghai, and Shenzhen, and many enterprises shared their experience of settling down in Jiangdong New District.

Zhang Jiawei, head of Shenzhen Minaspace International Group Co., Limited, said that Haikou Jiangdong New District has a steady long-term policy system, livable ecological environment, gradually optimized supporting facilities, and apparent advantages of later-stage policies. 

Li Sichao, a China Area General Manager of Shenzhen Huachuang Investment Management Co., Ltd.'s subsidiary, also noted that Jiangdong New District is equipped with various preferential Hainan FTP policies, as well as a strong environmental protection sense.

The Chinese central government decided that a free 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. The authorities expect to make Hainan, China's largest special economic zone, the frontline of China's integration into the global economic system.