New measures are being taken to better implement the Hainan Free Trade Port Law and foster a more sound business environment in an effort to develop a globally influential free trade port in South China's Hainan province, according to the provincial authorities.

The latest measure, a set of regulations on optimizing the business environment of the Hainan FTP, came into effect on Nov 1.

The regulations are the first supporting ordinance of the FTP law that will help to create a legal, international, convenient, fair, transparent and predictable business environment through further optimizing policy, the market, governance and social resources, said officials at a news conference held in Haikou, capital city of Hainan, on Monday.

The Hainan government is striving to strengthen the strategic functions of the free trade port entrusted by the State, serving as a "reaction furnace" in attracting and allocating global resources, and becoming an important intersection of the "dual circulation" economic model, under which the domestic market is the mainstay while the domestic and foreign markets reinforce each other, said a senior official with the provincial government.

To reach the goal, the Hainan government has prioritized promoting the integration of institutional innovation, as well as more convenient trade and investment and an open economic system－with significant headways having already been made since the release of the Master Plan for the Construction of Hainan Free Trade Port in June 2020.

More than 130 policy documents have been rolled out since, including a positive "zero tariff" list for free trade port vehicles and yachts, a negative "zero tariff" list for self-use production equipment and a catalog of encouraged industries that have established an initial institutional framework for the Hainan FTP, which covers 35,400 square kilometers in area, according to the local government. As a result, the business environment in Hainan continues to be optimized.

The Hainan FTP law will help to anchor market expectations and foster a world-class, market-oriented business climate governed by a sound legal framework, and it will further enhance the confidence of enterprises, especially those from overseas seeking long-term development in Hainan, officials said.

The introduction of the Hainan FTP law marks China's latest steps in institutional opening-up and the law's promulgation sends a clear signal that China will unswervingly expand opening-up and promote economic globalization, experts said.

To create a first-class business environment, the Hainan government has implemented more than 120 innovative actions to improve government services, saving users great amounts of time and energy.

Actions such as the "one-seal for approval", "online approval" and "unified online government service" as well as the "one-stop service window", among others, have brought about the smoother flow of global investment, trade and talent to Hainan, according to the provincial government.

One of the recent institutional opening-up moves that received attention was the Negative List of Hainan Cross-Border Trade in Services, which came into effect on Aug 26.

As the country's first negative list for cross-border trade in services, it is a major breakthrough in the country's opening-up in this area, according to officials at the Ministry of Commerce.

The Hainan FTP negative list specifies 70 special administrative measures in 11 sectors, including shipping, retail, logistics, finance and education, for overseas service providers. It ensures that domestic and foreign service providers enjoy equal access to sectors beyond the list, with greater openness, transparency and predictability.

In addition to removing restrictions on foreign individuals participating in the qualification examinations for engineers in many fields in the Hainan FTP, the negative list allows representative offices of overseas law firms in Hainan to engage in Hainan-related commercial nonlitigation legal affairs.

The frequent release of opening-up policies and measures to relax market access and liberalize and facilitate trade and investment, has continuously gathered market players and talents in Hainan.

Data from the Hainan Provincial Market Supervision Bureau shows that more than 350,000 new market entities have registered in the tropical province since the release of the overall plan.

Haikou Customs reported that more convenient and freer foreign trade and investment drove Hainan's foreign trade up by 60.4 percent year-on-year to 101.35 billion yuan ($15.82 billion) during the first three quarters of this year, exceeding its total exports and imports for 2020, and surpassing 100 billion yuan for the first time in the province's history.

The Association of Southeast Asian Nations has maintained its status as Hainan's biggest trading partner.

"The Hainan FTP and ASEAN countries are highly complementary in natural resources, capital, technology, market, industry and human resources, which is conducive to the free flow of these resources in the region, and expands the space for economic and trade cooperation," said Zhang Fei, vice-president of the Haikou-based China Institute for Reform and Development.

During a visit to Hainan last week, Alan Beebe, president of AmCham China, said that the achievements in Hainan FTP have attracted the attention of global investors.

Many enterprises from the United States are optimistic about the development prospects of Hainan FTP, and there are unlimited business opportunities in the island province, said Beebe, who headed a delegation of major US companies from the industries of medicine, agriculture, consumer goods, tech and science, energy, sports, manufacturing, education, culture and finance.

He noted that companies from the US were impressed by the efficiencies in cooperation and in attracting foreign investment, and hope to further cooperate with the Hainan government in such fields as biomedicine, advanced manufacturing, energy conservation and emissions reduction.

Ben Keswick, executive chairman of Jardine Matheson, said during a visit to Hainan last week that the Hong Kong-based group is full of confidence and expectations for the future development of Hainan FTP.

Kelly Marie Wailes, principal of Harrow International School Haikou, said Hainan FTP is gaining greater international influence.

"With the FTP policies, more and more foreign talent and foreign investors can come to the island to capitalize on and develop international companies. The FTP offers fewer restrictions, stronger services, more space per square kilometer than other free trade ports, and is located in a strategic position as the key gateway to the Pacific and Indian Oceans," said Wailes.

Since 2018, with a total investment of around 700 billion yuan, Hainan FTP has launched more than 1,600 projects to improve local infrastructure and upgrade the industrial layout.