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.
South China's island province recently launched a special policy to boost the development of high-tech enterprises and help them achieve high-quality development, Hainan Daily reported on Oct 29.
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.
The number of high-tech enterprises in Sanya, Hainan province reached 37, which is two times larger than that of 2018, according to a conference held on Aug 5 to brief high-tech companies about Sanya's preferential policies.
The district of Qiongshan in Haikou aims to build a cluster of duty-free shopping centers at the Haikou Riyue Square. The total duty-free shopping area of the square will be expanded nearly five-fold to 102,000 square meters.
Driven by the policy of a free trade port, the actual use of foreign investment in China's southern island province of Hainan continues to grow rapidly, statistics show.
Overview
Haikou 
Sanya 
