To optimize the business environment in Hainan province, the Hainan Administration for Market Regulation, the Hainan Provincial Public Security Department, and the Hainan Provincial Taxation Bureau jointly issued a notice to improve investor experiences, as well as to shorten business registration time across the province to one working day before the end of 2021.
During the 13th Five-Year Plan (2016-20) period, Hainan improved the management systems of its key industrial parks and continuously attracted new investment.
China's island province Hainan cut 15.67 billion yuan ($2.36 billion) in taxes and fees in the first three quarters of 2020, with new preferential tax policies launched this year contributing to 73 percent of the reductions.
To speed up the establishment of a law-based, international, and convenient business environment to further unleash vitality and creativity among various market entities, as well as to accelerate the building of Hainan Free Trade Port (FTP), Hainan province has launched an action plan that has taken its unique conditions into consideration.
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.
A group of experts and scholars recently published a paper evaluating the business environment of Chinese provinces in Business Management Journal and revealed that Hainan ranked 12th among 31 Chinese provinces, autonomous regions, and municipalities.
Market entities will enjoy a batch of benefits in investment, tax and market access when doing business at the Hainan free trade port, Shen Xiaoming, governor of Hainan, said Monday.
Overview
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