A night view of Phoenix Island in Sanya, Hainan province. [Photo/VCG]]
June 10 marks the anniversary of the implementation of the Hainan Free Trade Port Law and after one year of development, the Hainan FTP is becoming a new hotspot for global investment.
Since the beginning of this year, Hainan has promoted the pilot expansion of the import and export management systems. It has also implemented the positive list of zero-tariff vehicles and yachts, the zero-tariff negative list of production and self-use equipment, as well as the zero-tariff policy for those cargo handling with over 30 percent added domestic sales in Yangpu Bonded Port Area.
These early policies of the Hainan FTP have been implemented, attracting foreign trade entities to settle in and accelerating the formation of a new pattern of comprehensive opening-up.
After the implementation of the Hainan Free Trade Port Law, more than 150 policies have been implemented, including special measures to ease market access, several measures for trade liberalization and facilitation, as well as opinions on financial reform and opening up, effectively driving market prosperity.
From January to April of this year, Hainan enterprises added 54 overseas investment filing projects, a year-on-year increase of 68.75 percent. Hainan had 32,000 foreign trade enterprises registered, which was 6.2 times that before the release of the Overall Plan for the Construction of the Hainan Free Trade Port. The total value of imports and exports of its goods trade was 59.84 billion yuan ($8.94 billion), a year-on-year increase of 68.8 percent. Hainan's actual use of foreign capital was $1.04 billion, a year-on-year increase of 54.8 percent.
The influx of foreign capital and the launch of high-quality projects will continue to inject new momentum into the high-quality construction and development of the Hainan FTP.