
China unveils plan to make Hainan a free trade hub like Hong Kong, Singapore - arketekt
https://www.scmp.com/economy/china-economy/article/3087206/china-unveils-plan-make-hainan-free-trade-hub-hong-kong
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arketekt
China has unveiled a package of special policies for Hainan, including
scrapping import duties, in an effort to turn the tropical island into the
mainland’s answer to Hong Kong or Singapore and dampen the risk of decoupling
with the United States.

Beijing on Monday outlined its plan to make the 35,000 sq km island a “free
trade port” by lowering the income tax rate for selected individuals and
companies to 15 per cent, and relaxing visa requirements for tourists and
business travelers.

The island province of 9.5 million people will also enjoy freedoms in terms of
trade, investment, capital flows and the movement of people and data by 2035,
as it moves toward becoming a hub of “strong international influence” by the
middle of the century.

The project to make Hainan, which covers an area 30 times that of Hong Kong,
into a regional trade, shopping and shipping centre has been “planned,
arranged and promoted by General Secretary Xi Jinping personally”, according
to the government statement.

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mytailorisrich
It should be noted that they had first announced in 2018 that they were
planning to make the island a free trade zone by 2020. They also had a duty
free programme there as early as 2011 in an effort to boost tourism.

