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Master Plan for the Construction of Hainan Free Trade Port(V)

Release time: 2020-07-23 11:19        Source: 投资海南

   6. Accelerate the opening up of financial sector to both domestic and overseas markets. Promote financial institutions in Hainan in developing and building up the capability of serving the opening up process, and supporting Hainan Free Trade Port to take initiatives to implement opening policies in the financial sector. Support qualified overseas institutions dealing with securities, funds, and futures businesses to set up wholly or jointly owned financial institutions in Hainan Free Trade Port and support financial institutions to develop new financial products and improve quality and efficiency of services in Hainan based on development needs of key industries such as tourism, modern service, and high-tech industry, etc. Meanwhile, promote the development of relevant over-the-counter derivative businesses to address needs for the construction of Hainan Free Trade Port. Hainan will be supported in building property rights trading venues on the basis of optimizing and upgrading existing trading venues, and non-residents will be allowed to participate in trading and fund settlement according to relevant regulations. Besides, support the established trading venues in Hainan Free Trade Port to roll out rules and institutional systems aligned with international practices in terms of membership, trading, taxation, clearance, settlement, protection of investor rights, and anti-money laundering; and support the establishment of property insurance, life insurance, reinsurance, mutual insurance and self-insurance institutions and companies in Hainan Free Trade Port within the framework of relevant laws and regulations.

   7.Enhance the real economic capability of financial services. Support the issuance of corporate credit bonds, project revenue notes and special bonds for housing lease, etc.; promote pilot projects on the securitization of high quality tourism assets with stable cash flow; support financial institutions to carry out premium financing, warehouse receipt loans, receivables pledge, intellectual property pledge and other businesses in the field of trade in service provided that the laws and regulations are obeyed and risks are effectively prevented; support marine-related high-tech enterprises to take advantage of equities and intellectual properties rights, and promote the regulated and controllable development of shipping, logistics and supply chain-related financial products. Take initiatives to apply research achievements in the fields of artificial intelligence, big data and cloud computing in Hainan Free Trade Port in a law-abiding and orderly way; explore to establish commercial medical insurance services connected to international commercial insurance payment systems and support financial institutions in the insurance industry to cooperate with overseas organizations to develop cross-border medical insurance products.

   8. Apply a more convenient visa-free entry policy. Open up more visa-free application channels to foreigners including self-declaration and invitation and reception by local entities, apart from invitation and reception by travel agencies. The restrictions on foreigners to apply for visa-free entry will be relaxed and foreigners will be allowed to apply for visa-free entry to Hainan for reasons including commercial trade, visit, family reunion, medical treatment, exhibition and sports event, etc. Apply the 15-day visa-free stay policy to foreign tourist groups traveling by cruise ships.

   9. Apply a more open shipping policy. Yangpu-Port-of-China will be set as the port of registry, to simplify the inspection process, gradually release restrictions on the statutory survey of ships, establish the Hainan Free Trade Port international ship registration center, and creatively establish convenient and efficient ship registration procedures. Remove the restriction on foreign shareholding proporation for ship registration body. Under the premise of effective supervision and risk control, domestically built ships registered in Yangpu-Port-of-China and engaged in international shipping are entitled to export rate rebates as in the situation of export. Domestic ships with both domestic and foreign trade goods on board which transit at Yangpu Port are allowed to refuel with bonded oil required for the voyage, or tax rebate could be claimed if the ships refuel with locally produced fuel oil for the voyage. For container cargoes that meet relevant conditions and transit at Yangpu Port for final departure from China, a trial policy of tax rebate at port of departure will apply. Speed up the integrated development of shipping and port in Qiongzhou Strait.

   10. Apply a more open policy on air transport. Promote the realization of the third and fourth freedom rights for the carriers of both parties to and from Hainan in bilateral air transportation agreements based on equality, and expand air freedom arrangement including the fifth freedom right necessary for building the Hainan Free Trade Port in accordance with the general air transportation policies of China; support Hainan in trial implementation of the seventh air freedom. Allow airlines from relevant countries and regions to carry passengers or freight via Hainan to a third country (region). Provide combined transportation service to international transfer passengers and their luggage. Support airline companies with Hainan as their core base to expand international flight routes. Allow both inbound and outbound flights to refuel with bonded aviation oil.

   11. Facilitate data flow. Launch pilot projects on security management of cross-border data transfers to explore and develop a convenient and secure cross-border data transfer mechanism within the framework of national security management system for cross-border data transfers.

   12.Deepen industrial opening-up. Support the development of headquarters economy. Hold China International Consumer Goods Expo. The import and sale of foreign exhibits during national level exhibitions will be entitled to tax exemption policy which will be formulated by relevant departments.  Support Hainan in introducing high quality foreign medical resources from abroad. Draw from the trial experience of regional medical centers to explore and support the building of regional medical centers in Hainan. Allow high-level universities and vocational colleges specialized in science, engineering, agriculture and medical science to run international schools independently in Hainan Free Trade Port. Promote the partnership between Chinese top-level universities and world-renowned foreign colleges to set up jointly-run schools as independent legal entities in Hainan. Build the Hainan national blockchain technology and industrial innovation and development base.

  13.Optimize tax policy arrangements. Since the issue date of the arrangements, enterprises registered in Hainan Free Trade Port that have a practical operational record are entitled to a reduced corporate tax rate of 15%; For tourism, modern service and high-tech industries, enterprises established in Hainan Free Trade Port are entitled to corporate tax exemption for income from newly increased overseas direct investment before year 2025. Capital expenditures that meet certain requirements are allowed to be fully deducted from the taxable income or to be depreciated and amortized at an accelerated speed in the current accounting period. High-end talents and highly-demanded talents employed in Hainan Free Trade Port are entitled to the personal income tax rate of 15%. The list management will apply to high-end talents and highly-demanded talents who enjoy the mentioned preferential tax rate, and Hainan province will consult with the Department of Finance and the State Administration of Taxation to roll out specific administrative measures.

   14. Strengthen central financial support. The central government will provide comprehensive financial support to make reasonable compensation for the shrinkage of Hainan's local fiscal revenue. Encourage Hainan to issue local government bonds within the limits approved by the State Council to support facility construction of the free trade port. Steadily increase the amount of special bonds issued by local governments of Hainan to support major infrastructure projects under the premise of effective risk control. Encourage Hainan Free Trade Port to issue local government bonds to eligible global investors. Hainan will make overall arrangement of central funds and own financial resources to establish the Construction Investment Fund for Hainan Free Trade Port which will operate under government guidelines and market rules.

   15. Be fully authorized by law. Polices and measures in the arrangements that require adjustment of existing laws and regulations should be implemented after the authorization by the National People's Congress and its Standing Committee or the State Council. Roll out working procedures for streamlining and adjusting existing laws or regulations to put them into effect as soon as possible. Authorize Hainan to formulate the free trade port's regulations on business registration and deregistration, bankruptcy, fair competition, expropriation and requisition. Speed up the roll-out of Hainan Free Trade Port Law.

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