Hainan continues to build first-rate business environment

With numerous measures like simplified approvals, optimized services, and reduced barriers, China's island province Hainan has continued to construct a fair business environment for global investors.

These measures have boosted system integration and innovation, accelerated the release of policy dividends, realized efficient inter-departmental collaboration, as well as created a high-quality, legalized, international, and convenient business environment that has thereby greatly promoted the construction of the Hainan Free Trade Port (FTP).

As of the end of July, the province began construction on 660 new projects this year, a year-on-year increase of 5.3 percent, while the number of new market entities has increased significantly with new market entities exceeding 135,000 from January to July, a year-on-year increase of 30.05 percent. In addition, Hainan had more than 1.03 million market entities, up by 26.42 percent, the highest growth rate in the country.

By reducing examination and declaration materials, enterprises and investors have seen a reduction in both time and costs regarding examination and approval services.

In addition, Hainan has fully implemented "minimalist approvals" in key parks by replacing individual project approvals with regional assessments, simplifying the approval process to the greatest extent and reducing approval items by more than 70 percent.

On the basis of simplifying the approval process, as well as reducing materials and costs, Hainan continues to improve services and enhance work efficiency. Since the introduction of the minimalist approval system reform in the province, the investment growth in related parks has significantly increased, while the approval efficiency has climbed by more than 80 percent. 

Hainan also continues to promote trade and investment liberalization and facilitation, as well as implement talent policies, improve facilities, and optimize various services. A "single window" for international investment has been launched, including four major modules: consulting services, business establishment, project construction, and supporting services. It integrates 13 departments and 20 government systems to realize the registration, change, and cancellation of businesses in only one window, as well as 179 investment-related services, covering the entire business investment process.

Relevant departments in Hainan have been providing enterprises and the public with integrated online services in the whole investment process. They have also comprehensively improved the government services and helped the Hainan Free Trade Port to create a world-class business environment featuring high-quality and high standards.