Hainan FTP to streamline approval process, widen market access

A tourist shops at a duty-free store in Hainan province. [Photo by Meng Zhongde/For China Daily ]

BEIJING - China's Hainan free trade port (FTP) will further simplify its approval procedures and broaden market access through a recently enacted law on the construction of the FTP, an official said Monday.

The FTP will streamline administrative processes, improve services and provide more institutional convenience for market entities, Feng Fei, governor of Hainan province, told a press conference.

On June 10, China passed a law, making institutional arrangements for the construction of the FTP at the national legislative level.

The law also enables market entities, especially foreign-invested companies, to enjoy more opportunities as it features a shortened negative list, which allows more sectors to be opened to foreign investors.

On pooling talent from around the world to Hainan, the law stipulates visa and work permit facilitation for international talent, Feng said.

Last June, China released a master plan to build the southernmost province into a globally influential and high-level free trade port by the middle of the century.