Hainan Free Trade port progresses
The construction of the Hainan free trade port has picked up steam since Chinese authorities drew up a plan for it three months ago, demonstrating China’s commitment to opening up at the earliest.
Hainan is becoming a popular destination for foreign investment and enterprises with supporting policy packages being implemented. So far, the free trade port has secured a total of 94 major projects including 20 foreign-funded ones, covering sectors such as tourism, modern service and high-tech industries. “The launch of these projects will bring new growth not only to the free trade port but also to global investors,” said Han Shengjian, director of the Hainan International Economic Development Bureau.
From July 1, Hainan has increased its annual tax-free shopping quota from 30,000 yuan (approx. USD 4,389) to 100,000 yuan (approx USD 14,630) per person. According to official data, sales from four offshore duty-free shops in Hainan topped 5 billion yuan (approx. USD 731 million) from July 1 to Aug. 18, an increase of 250 percent year on year, with an average daily turnover of over 100 million yuan. Sanya, in Hainan introduced a special three day duty free promotion in early September.
The Boao Lecheng pilot zone of international medical tourism is a platform to explore the country’s development for international medical tourism-related businesses and services. It launched a special type of drug insurance on Aug. 2. The insurance covers 70 anti-cancer drugs from around the world for 35 common cancers. This includes 49 that have yet to be approved for sale in the Chinese mainland market. The annual premium for Hainan residents is only 29 yuan (approx USD 4.20) per person, while the insurance covers up to 1 million yuan (approx USD 146,300) in drug costs.
Boao Lecheng Pilot Zone
Yan Lukai, an official with the pilot zone administration, said as an innovation of the free trade port construction, the insurance enables Hainan residents to share the policy dividends. “Hainan is building a people-centred free trade port, which will not only make Hainan people gain a strong sense of happiness, but also share the development opportunities with people across the country including enterprises and skilled workers from all over the world,” said Liu Cigui, Party secretary of Hainan.