Hainan FTZ releases new institutional innovation cases

The sixth batch of institutional innovation cases for the construction of the Hainan Pilot Free Trade Zone (FTZ) was recently released in Haikou, the capital city of Hainan province.

The 11 new cases were revealed at the news conference held by the office for deepening overall reform of the Communist Party of China Hainan Provincial Committee on Dec 22.

Hainan has released 56 institutional innovation cases in five batches since this year, including exempting 24 items from administrative penalties, reducing the notice time for enterprises' cancellation of registration from 45 days to seven days, as well as establishing a round-the-clock supervision system for passengers, cargo, and capital in and out of Hainan.

According to Sun Dahai, deputy secretary-general of the Communist Party of China Hainan Provincial Committee, these cases laid a solid foundation for further improving FTZ's business environment and social governance, as well as accelerating the construction of the FTZ and free trade port.

From January to December, there were 225,000 new market entities in the province, up 69.1 percent year on year, while the number of newly established foreign-funded enterprises in the province was 290, a year-on-year increase of 101.39 percent.

The province's actual utilized foreign investment in the first 11 months of this year reached $635 million, increasing by 214.67 percent over the previous year.

In November alone, 36 new foreign-funded enterprises were set up, up 38.46 percent year-on-year, and the actual use of foreign capital stood at $207.4 million, up 332.99 percent year-on-year.

Sun added that the 11 new cases were selected from 57 candidate cases submitted by 26 enterprises through the third-party evaluation and expert argumentation.

The sixth batch of institutional innovation cases for the construction of the Hainan Pilot Free Trade Zone is released at a news conference held by the office for deepening overall reform of the Communist Party of China Hainan Provincial Committee in Haikou, Hainan province on Dec 22. [Photo by Yin Haiming/chinanews.com]