The documents include a positive ‘zero tariff’ list for free trade port vehicles and yachts, a negative ‘zero tariff’ list for cross-border trade in services and a catalog of encouraged industries, the provincial government said.
The target is to build the entire Hainan Island into a globally influential and high-level FTP by the middle of the century.
The number of registered market entities in Hainan has increased from less than 310,000 in 2013 to more than 1.98 million now, with the growth rate ranking first in the country for 28 consecutive months, Shen told a press conference.
The average annual growth rate of new market entities in Hainan in recent years has reached 40 per cent, official Chinese media quoted Shen as saying.
Meanwhile, the actual utilization of foreign investment in Hainan grew at an average annual rate of 80 per cent, and the number of foreign enterprises introduced in the island grew at an average annual rate of nearly 120 per cent.
The Hainan FTP is set to initiate independent customs operations by 2025.
For a province that used to rely heavily on the real estate sector, Hainan is making rapid progress in developing tourism, modern services, high-tech industries and high-yield agriculture, Shen added.
ALCHEMPro News Desk (DS)
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