Hainan is Optimizing its Business Environment to Attract Enterprises to Settle Down and Increase Their Profitability

The eighth round of Hainan’s press conference for implementing the guiding principles from the 20th CPC National Congress was held at the Hainan Resort Software Community in Chengmai’s Laocheng Economic Development Zone on March 23. The theme of this series of press conferences is “starting a new journey and gaining new achievements in this new era”, and the eighth round centered on optimizing the business environment by deepening reforms to streamline administration, delegate powers, improve regulation, and strengthen services. During the event, Yin Libo, representative of the 20th National Congress, member of the Lecture Team of CPC Hainan Provincial Committee and secretary of Chengmai county Party committee, shared her reflections on Hainan’s efforts to improve the business environment in line with the Report to the 20th National Congress of the Communist Party of China.

As an important gateway for China’s opening up and international economic and trade exchange and cooperation, Hainan serves as a representative example in optimizing business environment. To facilitate trade and investment, Hainan has taken significant steps to benchmark itself against the highest international standard of openness. One example of this is the reduction of the negative list for foreign investment to only 27 items. Yin Libo reported that imported zero-tariff goods worth 14.96 billion yuan had been exempted from duties amounting to 2.66 billion yuan by the end of 2022. Notably, the first containership to benefit from the zero-tariff policy in the FTP was exempted from duties amounting to 15 million yuan after clearing customs at the Port of Macun.

The development of a favorable business environment underpins the construction of the Hainan Free Trade Port. According to the No.12 central document and the Master Plan for the Construction of Hainan Free Trade Port, by 2025, Hainan aims to build a top-level business environment in China, and by 2035, it aims to rank among the top in the world. These are ambitious targets that underscore the province’s commitment to improving its business environment. Furthermore, the provincial Party Committee and the provincial government have also identified the business environment as a key priority in Hainan’s strategic framework. Besides, the country’s first provincial department of business environment was set up in Hainan. Additionally, the 2022 White Paper on the Business Environment in Hainan Free Trade Port was released to showcase Hainan’s progress in optimizing the business environment.

Hainan has made all-out efforts to optimize its business environment. In pursuing its new journey, Hainan will fully implement the work plan of the CPC Hainan Provincial Committee and the CPC Central Committee to ensure minimum market access, develop the most streamlined list of executive powers, provide the best government approval services, and implement the most effective supervision. In addition, Hainan will foster institutional integrated innovations and embrace bold innovation to address deep-seated and structural problems. These approaches aim to create a favorable business environment that benefits all enterprises in this investment hotspot.