Page 162 - 2024 Special Report on the State of Business in South China
P. 162
Hainan
The economy Recent policies and reforms
Locatedat the southernmost tip of Master Plan for the Construction of the
China, Hainan overlooks Hainan Free Trade Port
Guangdong across the Qiongzhou Strait to the
north, Vietnam across the Beibu Bay to the west. On 1 June 2020, the State Council issued the
Its neighbors in the South China Sea include the Master Plan for the Construction of the Hainan
Philippines, Brunei and Malaysia. It became a Free Trade Port in order to benchmark against
province and SEZ in 1988, abbreviated as Qiong. high-level international economic and trade rules,
The island covers a land area of 35,400km2 and liberate thoughts, make bold innovations, focus
has a maritime area of about 2,000,000km2, with on the liberalization and facilitation of trade and
total population of 10.1 million76. In 2022, the investment, establish a policy and institutional
GDP of Hainan reached RMB681.8 billion, up 0.2% system suitable for a high-level free trade port,
from a year earlier77. Total export and import create a special area of customs supervision with
surged 36.8% YoY, reaching at RMB200.95 billion. international competitiveness and influence, and
build the Hainan Free Trade Port into a “shining
Market highlights flag” and an important open portal leading to China
opening-up to the outside world. This plan includes:
Tourism industry is the one of the top priorities
of Hainan’s economy development. More than 60 - Development goals:
million domestic and overseas tourists visited
Hainan in 2022, recovering to 74% of the total in 1. By 2025, a free trade port policy and
202178. Hainan has taken a series of measures to institutional system will have been established,
stimulate tourism consumption, with focus on the focusing on the liberalization and facilitation
recovery of high-end shopping, healthcare, and of trade and investment. The overall business
education overseas consumption. environment will be brought to the first-class
level in China, the number of market entities
76 Government site of Hainan, http://en.hainan. will be substantially increased, industrial
gov.cn/englishgov/AboutHainan/abuothainan.shtml competitiveness will be significantly improved,
77 Government site of Hainan, http:// powerful and effective risk prevention and
en.hainan.gov.cn/hainan/ndsj/202302/ca- control mechanisms will be in place, laws and
8dec78f2394f1c906d6cdf8984662a.shtml regulations will be gradually perfected to adapt
78 Government site of Hainan, http:// to the construction of a free trade port, and the
en.hainan.gov.cn/hainan/ndsj/202302/ca- quality and efficiency of economic development
8dec78f2394f1c906d6cdf8984662a.shtml will be markedly enhanced.
2. By 2035, the free trade port system and
operation mode will be more mature. Trade
and investment rules characterized by freedom,
fairness, rule of law and high-level process
supervision will be basically established to realize
free and convenient trade, free and convenient
investment, free and convenient cross-border
162
The economy Recent policies and reforms
Locatedat the southernmost tip of Master Plan for the Construction of the
China, Hainan overlooks Hainan Free Trade Port
Guangdong across the Qiongzhou Strait to the
north, Vietnam across the Beibu Bay to the west. On 1 June 2020, the State Council issued the
Its neighbors in the South China Sea include the Master Plan for the Construction of the Hainan
Philippines, Brunei and Malaysia. It became a Free Trade Port in order to benchmark against
province and SEZ in 1988, abbreviated as Qiong. high-level international economic and trade rules,
The island covers a land area of 35,400km2 and liberate thoughts, make bold innovations, focus
has a maritime area of about 2,000,000km2, with on the liberalization and facilitation of trade and
total population of 10.1 million76. In 2022, the investment, establish a policy and institutional
GDP of Hainan reached RMB681.8 billion, up 0.2% system suitable for a high-level free trade port,
from a year earlier77. Total export and import create a special area of customs supervision with
surged 36.8% YoY, reaching at RMB200.95 billion. international competitiveness and influence, and
build the Hainan Free Trade Port into a “shining
Market highlights flag” and an important open portal leading to China
opening-up to the outside world. This plan includes:
Tourism industry is the one of the top priorities
of Hainan’s economy development. More than 60 - Development goals:
million domestic and overseas tourists visited
Hainan in 2022, recovering to 74% of the total in 1. By 2025, a free trade port policy and
202178. Hainan has taken a series of measures to institutional system will have been established,
stimulate tourism consumption, with focus on the focusing on the liberalization and facilitation
recovery of high-end shopping, healthcare, and of trade and investment. The overall business
education overseas consumption. environment will be brought to the first-class
level in China, the number of market entities
76 Government site of Hainan, http://en.hainan. will be substantially increased, industrial
gov.cn/englishgov/AboutHainan/abuothainan.shtml competitiveness will be significantly improved,
77 Government site of Hainan, http:// powerful and effective risk prevention and
en.hainan.gov.cn/hainan/ndsj/202302/ca- control mechanisms will be in place, laws and
8dec78f2394f1c906d6cdf8984662a.shtml regulations will be gradually perfected to adapt
78 Government site of Hainan, http:// to the construction of a free trade port, and the
en.hainan.gov.cn/hainan/ndsj/202302/ca- quality and efficiency of economic development
8dec78f2394f1c906d6cdf8984662a.shtml will be markedly enhanced.
2. By 2035, the free trade port system and
operation mode will be more mature. Trade
and investment rules characterized by freedom,
fairness, rule of law and high-level process
supervision will be basically established to realize
free and convenient trade, free and convenient
investment, free and convenient cross-border
162
