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Hainan to set up pilot international offshore innovation zones

HAIKOU, August 28. /TASS/. The Hainan authorities have begun creating pilot international offshore innovation and entrepreneurship zones province-wide, reported www.hinews.cn. 
This offshore business model allows to register both Chinese and foreign companies. Highly qualified foreign specialists can also continue to work in the field of innovation, while staying abroad, but at the same time contribute to transformations in the pilot zone, the resource writes.
The said project is being implemented in order to promote the openness of the province to the outside world, as well as boost development of science and technology. After the country's central government drafted proposals in 2018, the Hainan province is developing as an international offshore innovation and entrepreneurship pilot zone that seeks to draw more skilled foreign specialists and high-tech enterprises and organizations to the region.
The provincial authorities plan to establish from eight to ten offshore innovation and entrepreneurship zones in Hainan's free trade port in order to attract top-notch innovation resources from abroad, as well as to promote international high-tech exchange. Later, this program will be extended to 11 key industrial parks on Hainan.