The Hainan Provincial Party Committee recently put forward 46 hard measures aimed at making solid progress in the construction of the China (Hainan) Pilot Free Trade Zone and free trade port with Chinese characteristics, and exploring a new open economic system.

According to the policy, significant breakthroughs should be achieved by 2020 with a high-level of pilot free trade zone activity featuring convenient investment and trade, a regulated legal environment, improved financial services, and safe and efficient supervision. By 2025, a primary free trade port system is expected to be established. The whole system and operation mode will become more mature in the years to come.

Some of the major measures can be listed as follows.

Market entry has been eased with full entrance permission for foreign-invested companies. Simplified negative lists will be implemented. A simplified procedure for foreign-invested enterprises and a more open financial environment will be created for convenience and steady growth.

In terms of business environment, the pilot free trade zone will apply international standards with a more concise administrative approval list to optimize the government affairs service system and evolve into an international professional arbitration agency.

Risk prevention and control is highly significant. A more comprehensive interim and post-event supervision system should be established with a credit supervision and management system as the core. In the meantime, strict regulation should be applied to real estate to prevent speculation and price fluctuation.

Further measures are also put forward to serve the same purpose, namely, to make Hainan a better city. The city also promotes the introduction of talents, the development of tourism and consumption with a more open mind, as well as the administrative integration of each region to actively stimulate free trade.