Hainan FTP to strengthen institutional integration, innovation

The report of the 8th CPC Hainan Provincial Congress emphasized that reform and innovation are the fundamental driving force for accelerating the construction of the Hainan Free Trade Port. It also made arrangements and requirements for strengthening institutional integration and innovation.

Hainan will promote system integration and innovation focusing on the following aspects:

1. The core areas of economy

Hainan will focus on strengthening new international offshore trade, establishing a multi-functional free trade account system, and exploring financial management systems that are in line with international standards. It will also establish cross-border capital flow management systems that meet the needs of trade and investment liberalization and facilitation.

2. Implementation of the FTP policy

The early policies of the Hainan FTP have been introduced. It is urgent to promote the implementation of various policies through institutional integration and innovation.

3. Island-wide customs clearance operation

The facilitation of the island-wide customs clearance policy requires reform of the province's tax reduction system. In particular, it is necessary to make simplified reform innovations in Hainan's tax system.

4. Benchmarking international high-level economic and trade rules

Hainan will accelerate the implementation of the RCEP, as well as benchmark high-level international economic and trade rules, such as the CPTPP, DEPA, and China-EU CAI. The province will deepen opening-up policy research and system design to promote more opening-up policies, systems, and rules to be piloted in the Hainan FTP.

5. Introduce and service talents

Through system integration and innovations, breakthroughs will be made in the reform of talent development systems.

6. Development of the whole industry chain

Focusing on the four leading industries of tourism, modern service, high-tech, and high-efficiency agriculture, Hainan will strive to make integration and innovation achievements in strengthening the subdivision industries and establishing a security system.

7. Regional coordinated development

Hainan will promote regional coordinated development focusing on the Haikou Economic Circle, Sanya Economic Circle, Danzhou Yangpu Economic circle, the coastal city belt, and the ecological conservation area in the central mountainous area.

8. Optimization of the business environment

Learning from the reform experiences of business environments at home and abroad, Hainan will implement reforms to create a good business environment with low market access, optimal approval services, and effective supervision.