Hainan enacts preferential policies for industrial parks

Updated: Aug 17, 2018 Print
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Hainan has announced a raft of measures to boost the development of industrial parks and has collected tax revenue of 22.47 billion yuan ($3.25 billion) in 24 key industrial parks in the first half of 2018, according to the Hainan Provincial Bureau of Statistics.

It unveiled a package of incentive policies in the three fields of talent introduction, industrial promotion and taxation structure.

Talent introduction: Hainan is piloting schemes to give talents high-level monetary incentives and other forms of support. The provincial government has made a specific instruction on bringing in talents.

Industrial promotion: Hainan has released various preferential policies to support strategic emerging industries, high-tech, Internet, e-commerce and small and medium-sized enterprises (SMEs), creating a solid foundation for their development.

Taxation awards: Hainan has introduced a provincial tax structure that gives incentives to three major industrial parks, namely, the Yangpu Economic Development Zone, the Hainan International Tourism Island Pilot Zone and the Boao Lecheng International Medical Tourism Pilot Zone.

Municipal and prefectural governments are also ramping up incentives. For example, Haikou has stipulated 100 percent financial rewards based on the local retained portion of industrial parks' annual tax increment surpassing one million yuan and will subsidize transport costs of industrial enterprises making annual tax payments of over five million yuan. Chengmai county has also drawn up a list of each year's top 10 internet companies and rewards companies paying over10 million yuan in tax with 500,000 to one million yuan to be allocated to team management.

Preferential policies have stimulated local industrial development and led to the emergence of many industry clusters. For example, the pharmaceutical sector is thriving in the Haikou National High-tech Zone with a tax base of 1.63 billion yuan in the first half of 2018. Service sector clusters, as represented by the Hainan Eco-software Park, have also seen steady development with the 510 newly registered companies in the park paying gross tax of 1.23 billion yuan.

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