Beijing June 8 (Xinhua) - Hainan, the southern island province of China, has been attracting people from all over the world with its sandy beaches, coconut trees, and during the Solar Brightness year. . The island is becoming a hotspot of this year due to China's plans to build a free trade port with the highest level opening

With a plan that aims to further consolidate the foundation of the real economy and improving economic competitiveness, will be "basically established" a system of free trade port in Hainan in 2025, becoming "more mature" for the year 2035 with a focus on the liberalization and facilitation of trade, investment, transport and flow of talent, capital and data

. INJECTION new vitality to businesses

entities of the market will enjoy a lot of benefits of investment, taxes and market access to doing business in the port Free Hainan trade, said Shen Xiaoming, governor of Hainan, in a press conference on Monday

. streamlined procedures will be available to companies, the license application and approval of the government is not mandatory for industries that are not prohibited by law or mandatory standards

. Foreign investment is subject to a management system combining pre-establishment national treatment and a designated negative list for free trade port, further reducing the restrictions and prohibitions on the basis of free trade zones, he said Shen

. domestic companies registered in the free trade port will be encouraged to raise funds by issuing shares abroad. Free trade port also offer tax benefits for companies working in sectors such as tourism, modern services, and new and high-tech tax-exempt enterprise income for direct investment abroad.

the southern province island will open further tertiary industry, significantly reducing restrictions on access to the market. Efforts will be made to deepen the opening in sectors such as transport, telecommunications, business services, finance, health care, education, culture and sport, said Shen

. Improving openness trade facilitation

Chinese support free trade in goods by granting a zero-tariff treatment in an orderly manner and eliminate NTBs such as permits and quotas, Vice Commerce Minister Wang Shouwen told a press conference on Monday

. in the first stage, by 2025, certain property shall be exempt from import duties, value added tax and import tax on consumption, while from 2025, the exemption from import duties will apply to all products imported other than those listed in the catalog of taxable imported products, said Deputy Finance Minister Zou Jiayi

a pioneer negative list will form this year for trade cross-border services in po rt to facilitate cross-border supply, consumption abroad and the flow of people. border trade services not listed will be granted free entry into the port

. To strengthen consumption in the area, the port will relax even the annual tax fee free shopping for travelers by increasing the purchase limit of 30,000 yuan ($ 4,230) to 100,000 yuan per person each year and enlargement categories of duty-free goods, Zou said.

EXPANDING financial opening

The free trade port Hainan will take the lead in expanding opening of the financial services sector, which involves supporting the creation of centers of trading in financial products related to energy, transport and commodities, said Pan Gongsheng, deputy governor of the People's Bank of China

. China also strengthen financial support to promote the scale of industrial agglomeration and improve industrial competitiveness of major industries in Hainan, as well as innovate and develop financing trade, finance consumption, green finance and financial technology

. Financial policies will border trade, Pan said, adding that the exchange of capital for trade in goods and services must be highly facilitated, and policies governing new patterns of trade, such as trade and offshore trade in the tank, should be improved .

COMPLETE instead of replacing HONG KONG

The concerns that free trade port Hainan undermine the status of Hong Kong as a global financial, trade and shipping center were dismissed Monday Nianxiu Lin, deputy director of the National Development and Reform Commission

. With different orientations and priority industries, Hainan and Hong Kong are more complementary than competitive, Lin said at a news conference.

The wi country work ll to promote the joint development of Hainan and Guangdong area-Hong Kong-Macao Bay Mayor and ensure prosperity and stability in the long term Hong Kong, Lin said

. STICKING to the development ECOLÓGICO

port free trade emphasizes largely protecting the environment in the process of development, strictly restricting real estate expansion, Liu said Cigui, head of the party of Hainan, citing the importance of building a diversified modern industrial system with limited land resources

. the province has also made efforts to achieve the goal of air quality by 2030, such as the use of clean energy. Auto sales oil as fuel will be banned from 2030, and use of products of non-biodegradable plastic will be banned at the end of 2020, Liu said, adding that the free trade port Hainan welcomes investors and talent from around the world the opportunity to share China's development and the fruits of China's reform and opening. End Follow China.org.cn on Twitter and Facebook to join the conversation.ChinaNews application downloads

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