Hainan Special Economic Zone Overview
Update time：2018-6-6 15:45:01 source：Tannet Views：461
Hainan special economic zone is China’s largest "special economic zone. Since 1980, China has established special economic zones in Shenzhen, Zhuhai and Shantou in Guangdong Province and Xiamen in Fujian Province, and designated the entire province of Hainan as a special economic zone (hereinafter referred to as SEZ).
Brief introduction to Hainan SEZ
Hainan's economy is predominantly agricultural, and more than a half of the island's exports are agricultural products. Hainan's elevation to province-level status (1988), however, was accompanied by its designation as China's largest "special economic zone", the intent being to hasten the development of the island's plentiful resources.
Prior to this, the province had a reputation for being a "wild west" area, largely untouched by industrialization; even today there are relatively few factories in the province. Tourism plays an important part of Hainan's economy, thanks largely to its tropical beaches and lush forests. The central government has encouraged foreign investment in Hainan and has allowed the island to rely to a large extent on market forces.
Economic and technological development zones
1. Haikou Free Trade Zone;
2. Haikou New & Hi-Tech Industrial Development Zone;
3. Yangpu Economic Development Zone.
General preferential economic policies of SEZs
1. Special tax incentives for foreign investments in the SEZs;
2. Greater independence on international trade activities;
3. Economic characteristics are represented as "4 principles":
(1) Construction primarily relies on attracting and utilizing foreign capital;
(2) Primary economic forms are Sino-foreign joint ventures and partnerships as well as wholly foreign-owned enterprises;
(3) Products are primarily export-oriented;
(4) Economic activities are primarily driven by market forces.
The basic purpose of SEZs is allow them to utilize an economic management system that is more attractive for foreign and domestic firms to do business in than the rest of mainland China. In this year’s Boao Asian Forum held in Hainan province, the strategic and economic status of Hainan in China’s opening-up policy is highlighted. The guidelines on supporting Hainan's efforts to deepen reform and opening up were jointly released by the Central Committee of the Communist Party of China and the State Council.
In the past week, Tannet has received quite a number of inquires about business setup in Hainan. With three newly established branches in the province, Tannet is able to provide enterprises and farmers with tailored-made business solutions. Our experienced consultants will be glad to assist and advice on how to approach your particular challenge.
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