On June 1, the Central Committee of the Communist Party of China and the State Council issued the “Overall Plan for the Construction of the Hainan Free Trade Port” and issued a notice requesting all regions and departments to seriously implement it in light of reality. What is the scale of freedom in the so-called free trade port?The so-called free trade port,What is the scale of freedom?
- Free movement of people
Implement more convenient visa-free entry measures. Relax the restrictions on foreigners applying for visa-free entry, and allow foreigners to apply for visa-free entry into Hainan for business, visit, family visit, medical treatment, exhibition, sports and other reasons. A 15-day visa-free policy for foreign tourist groups to enter the country by cruise. The further opening of the visa exemption policy is a realistic footnote and an inevitable requirement for “China’s door to open wider and wider.”
- Free circulation of goods
Implement a more open shipping policy and air transport policy. Taking “Yangpu Port of China” as the home port, the inspection process is simplified, the statutory inspection of ships is gradually liberalized, the Hainan Free Trade Port International Ship Registration Center is established, and a convenient and efficient ship registration procedure is innovatively established. Remove the restrictions on the share ratio of foreign capital of ship registration entities. On the basis of reciprocity, promote the realization of the third and fourth air rights to and from Hainan in the bilateral air transport agreement, and expand Hainan free trade, including the fifth air rights, in accordance with China’s overall air transport policy The necessary navigation rights arrangements for port construction. Support the pilot opening of the seventh navigation rights in Hainan. Airlines of relevant countries and regions are allowed to carry passenger and cargo services from Hainan to third countries (regions).
- Zero tariff
For entry goods consumed by residents on the island, a positive list management is implemented to allow tax-free purchases on the island. Goods and articles subject to “zero tariff” list management are exempted from import duties, import link value added tax and consumption tax.The beneficiaries of zero tariffs have spilled out of the “enterprise” and expanded to ordinary consumers in a specific province and city, and are exclusively enjoyed by the people in this area. This is the first time in the history of mainland China.
- Low tax rate
By 2025, 15% of the enterprise income tax will be levied on encouraged industrial enterprises registered in Hainan Free Trade Port and operating substantially. For the tourism, modern service industry, and high-tech industrial enterprises established in Hainan Free Trade Port, the income derived from the new overseas direct investment before 2025 will be exempted from corporate income tax.
- Zero threshold
Implementation of the market access commitment is to enter the system. Strict implementation of “non-prohibition and entry”, in principle, to cancel the license and approval in areas with mandatory standards, establish a sound filing system, the market subject promises to meet the relevant requirements and submit relevant materials for filing, you can carry out investment operations.
