|
BEIJING, June 8-- Hainan, the southern island province of China, has been attracting people from around the globe with its sandy beaches, coconut trees, and year-round sunshine. The island is becoming a hotspot this year due to China's plans to build a free trade port with the highest level of openness. With a plan aiming at further consolidating the foundation of the real economy and enhancing economic competitiveness, a free trade port system will be "basically established" in Hainan by 2025, becoming "more mature" by 2035, with a focus on the liberalization and facilitation of trade, investment, transport and the flow of talent, capital and data. INJECTING NEW VITALITY INTO ENTERPRISES Market entities will enjoy a batch of benefits in investment, tax and market access when doing business in the Hainan free trade port, said Shen Xiaoming, governor of Hainan, at a press conference Monday. Streamlined procedures will be available to companies, with license application and government approval not required for industries that are not prohibited by law or mandatory standards. Foreign investment will be subject to a management system combining pre-establishment national treatment and a negative list designated for the free trade port, further reducing restrictions and prohibitions on the basis of free trade zones, Shen said. Domestic firms registered in the free trade port will be encouraged to raise funds by issuing shares abroad. The free trade port will also offer tax benefits for firms operating in sectors such as tourism, modern services, and new and high technology by exempting enterprise income tax for the income from their direct investment overseas. | 
