Hainan FTP: A look at the port three months on
The Chinese government issued a master plan for the Hainan Free Trade Port in June. The port is the first and largest of its kind in China and aims to serve as a new engine for China's economic development in the coming decades. Lu Sirui takes a look at how companies feel about Hainan's business environment three months on.
Preferential policies in Hainan's Free Trade Port have attracted companies from inside and outside of China. A Chinese payroll service company opened operations here in May. They say Hainan's low taxes for freelancers suits them and that Hainan's plans to integrate with the Guangdong-HongKong-Macau Bay Area will only help them attract more talent to the company.
HAN XIE Vice President Haikou Xinpayroll Information Technology "In May, we spent two days registering our company here. And the company was in full operation by the end of the month. So with the help of the local government, the whole process has been very efficient."
US healthcare giant Johnson and Johnson have been selling products in China for more than three decades. It's now brought its medical services to Hainan's pilot zone.
WANG JINHE Vice President, External Affairs and Market Access Johnson & Johnson Medical Devices China "In fact, when we first came here, our expectation was only that our new technology could be applied here. We also wanted to see if we could explore a path for market entry. But after in-depth cooperation with Hainan, we can see Hainan opening more and more. Our expectations are getting bigger and better."
Since the plan was rolled out, officials say over 8-hundred market entities have registered in Hainan on a daily basis. In June, the number of registrations saw a 50-percent increase year-on-year, up by 40-percent in July. The growth of foreign companies was also up by a staggering 230-percent year-on-year for July.
LI YUFEI Deputy Director, Commission for Comprehensive Deepening of Reform, CPC Hainan Provincial Committee "Now, 85-percent of Hainan's government service can be approved online. Registrations for companies can be completed in three hours, and the approval for actual operations can be reduced to three days. Foreign companies can only take four steps to register through our online platform."
With business on the up, the prospects for Hainan's economy and development look promising. But officials are also vowing to protect the natural environment.
Office of the Hainan Free Trade Port Working CommitteeNo. 69 Guoxing Avenue, Meilan District, Haikou City, Hainan Province, 570203, China