Hainan releases free trade port institutional innovation cases in 2020

China's Hainan province held a press conference in Haikou on its first batch of institutional innovation cases in 2020 concerning Hainan Pilot Free Trade Port construction. The island province unveiled six institutional innovation cases at the conference.

In the past year, Hainan province has focused on promoting institutional innovation in 12 areas and has formed six batches of 71 institutional innovation cases, which have promoted the continuous optimization of Hainan's business environment and social governance, enhancing the vitality of market players.

The newly released cases include: collaborative medical and pharmaceutical supervision, an innovative land and space planning implementation management system, comprehensive insurance for resuming work and production, a "one-stop" judicial credit information service platform, a new talent training model for tourism, as well as the intensive execution of property judgments in criminal verdict cases. 

Among them, Hainan launched a comprehensive insurance product for enterprises to resume work and production as the island province battled against the COVID-19 pandemic. This insurance product was launched within two days of research and development, covering 100 key enterprises in the province within three days. A total of 200 million yuan ($28.2 million) was provided in risk protection, and effectively promoted the rapid resumption of work and production of enterprises.

As an important focus of Hainan's comprehensive deepening of reform and opening up, institutional innovation will continue to play a core and leading role in the process of building Hainan Pilot Free Trade Port, according to officials from Hainan's free trade port construction office at the conference.

"Against the backdrop of China's fight against the COVID-19 and the resumption of work and production, Hainan is the first to launch a batch of institutional innovation cases, which will effectively respond to social concerns, boost the confidence of all parties, as well as show Hainan's strong will to boost reform, innovation, and improve its business environment," said an official. 

Hainan province releases institutional innovation cases concerning Hainan Pilot Free Trade Port construction in 2020 on April 25 in its capital city Haikou. [Photo/Hainan Daily]