Hainan free trade port sets benchmark for China’s opening up

Hainan free trade port sets benchmark for China’s opening up
HAIKOU, China, Sept 15 — The construction of the Hainan free trade port has picked up steam since Chinese authorities drew up a plan for it three months ago, demonstrating China’s commitment to opening up amid the COVID-19 pandemic.

With supporting policy packages, Hainan is becoming a popular destination for foreign investment and enterprises.

So far, the free trade port has landed a total of 94 major projects including 20 foreign-funded ones, covering sectors such as tourism, modern service and high-tech industries.

“The launch of these projects will bring new growth not only to the free trade port but also to global investors,” said Han Shengjian, director of the Hainan International Economic Development Bureau.

On Sept. 3, the last day of a three-day promotional event in a duty-free shop in Hainan’s resort city of Sanya, Chu Yadong scurried back and forth in the shop, picking out skincare products and makeup for his relatives.

From July 1, Hainan has increased its annual tax-free shopping quota from 30,000 yuan (about 4,389 U.S. dollars) to 100,000 yuan per person.

According to official data, sales from four offshore duty-free shops in Hainan topped 5 billion yuan from July 1 to Aug. 18, an increase of 250 percent year on year, with an average daily turnover of over 100 million yuan.

The Boao Lecheng pilot zone of international medical tourism, a platform to explore the country’s development of international medical tourism-related businesses and services, launched a special type of drug insurance on Aug. 2.

It covers 70 anti-cancer drugs from around the globe for 35 common cancers, including 49 that have yet to be approved for sale in the Chinese mainland market. The annual premium for Hainan residents is only 29 yuan per person, while the insurance covers up to 1 million yuan in drug costs.

Yan Lukai, an official with the pilot zone administration, said as an innovation of the free trade port construction, the insurance enables Hainan residents to share the policy dividends.

“Hainan is building a people-centered free trade port, which will not only make Hainan people gain a strong sense of happiness, but also share the development opportunities with people across the country as well as enterprises and skilled workers from all over the world,” said Liu Cigui, Party secretary of Hainan.

Source: Hainan International Economic Development Bureau

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