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Hainan presents plan on improving business climate on the island

HAIKOU, October 25. /TASS/. The Hainan authorities have unveiled an action plan for 2020-2021 to create a top-notch business climate on the island. The document was published on the official website of the provincial administration.


The Hainan authorities intend to improve the conditions for doing business on the island in 11 areas, each of which has its own section in the document. These include the conditions for setting up a business, obtaining construction permits, registering property, obtaining loans, taxation, cross-border trade, investor protection, contract execution, bankruptcy, talent acquisition, and a service-oriented government.


The Hainan authorities are planning 31 activities to stimulate the activity of various market players and create an attractive international business environment based on the rule of law in the province. In particular, the Hainan authorities plan to simplify registration procedures for starting a business in key industrial parks - Yangpu Economic Development Zone, Lecheng International Medical Tourism Zone, Jiangdong New District and Yazhou Bay Science City.


The provincial government also intends to introduce a joint mechanism for lending to small and medium-sized enterprises in the scientific and technical fields, which will involve the state, banks and insurance companies. The government will select innovative SMEs, after which insurance companies will provide guarantees and banks will issue long-term loans. In the areas of tourism, modern services, high technology and other key industries, a guarantee lending model will be used, when big enterprises will act as guarantors for small companies.


In addition, the Hainan administration plans to streamline logistics in cross-border trade. In order to speed up customs clearance, the provincial authorities intend to improve the unified submission system for providing services to participants in trade chains, comprehensively promote a simplified two-stage declaration of imported goods, and optimize paperless document flow in the Yangpu container port.


By 2025, the Chinese government intends to create an "international center for tourism and consumption" on Hainan. In order to do so, the "Eastern Hawaii" with their unique natural landscapes, thick rainforests and great climate will establish a developed network of hotels, which blend perfectly with white sandy beaches stretching along the coastline. The combination of an exotic subtropical nature and a modern eco-friendly infrastructure will boost tourist inflow to the island from the most distant parts of the world.


Hainan Provincial Bureau of International Economic Development

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