Island that reflects a nation's success
Hainan Party Chief Wei Liucheng says the province must take the lead in China's free trade zone construction, a strategy raised by the 17th National Congress of CPC.
"More sectors can be opened for investors in Hainan as long as the projects come in line with national and provincial industrial policies and adhere to environment protection requirements," Wei says.
"The Yangpu Free Trade Port Area in the island's northwest can broaden its bonded area and develop into a free trade region."
This year marks the 20th anniversary of the founding of the Hainan special economic zone (SEZ), one of the five SEZs established since 1980. The others are Shenzhen, Zhuhai, Shantou and Xiamen, all in southern China.
In Hainan, the enterprise income taxation rate for foreign investors is only 10 to 15 percent. They are also exempt from all local income taxation.
Hainan Governor Luo Baoming says the province has grown into a middle-level income area, which enjoys rapid economic development and a booming culture.
"Hainan offers new industries, a tropical high-yielding agricultural base and it is a wonderland for tourism," Luo says.
- • China's 4th satellite launch center to be built in Hainan
- • Haikou to get another air route to Singapore
- • Largest tourism development project in western Hainan