(Focus on Boao) How does the growing Hainan Free Trade Port share opening up opportunities to the world?

  China News Agency, Boao, April 22, Question: How does the growing Hainan Free Trade Port share opening up opportunities to the world?

  China News Agency reporter Wang Ziqian

  On April 21, Chinese President Xi Jinping said in his keynote speech at the Boao Forum for Asia Annual Conference 2022 that China will steadily advance the construction of a free trade pilot zone and Hainan Free Trade Port, align with international high-standard economic and trade rules, and promote institutional opening up. .

  This is China's top leader's voice for the opening of the Hainan Free Trade Port recently.

A few days ago, when Xi Jinping inspected Hainan, he proposed to speed up the construction of a free trade port with Chinese characteristics with world influence.

  As the world's largest free trade port just started, how can Hainan learn from international experience and share the opportunities of China's opening up?

At the Boao Forum for Asia Annual Conference 2022 Global Free Trade Port Development Forum, which is being held here, it has aroused heated discussions among the guests.

  It has been nearly two years since the "Overall Plan for the Construction of Hainan Free Trade Port" was announced.

According to Feng Fei, Governor of Hainan Province, the basic framework of the free trade port policy system has been established.

With the release of early policy dividends, Hainan's growth rate of major economic indicators last year was historically at the forefront of the country.

  How can the growing Hainan Free Trade Port successfully realize the customs clearance operation?

  The formulation and implementation of convenient customs clearance measures and special tax arrangements are an important prerequisite for the operation of free zones (ports) around the world.

Hainan plans to launch the island-wide customs closure operation in due course before 2025, and the construction of customs closure software and hardware is in progress.

  Chen Zhenchong, director of the Free Trade Zone and Special Area Development Department of the General Administration of Customs of China, said that the pressure test of the customs closure operation was first carried out in the Yangpu Bonded Port Area, and has achieved results and has been extended to the other two parks.

Officials are studying and exploring system pilots in other regions, and finally formulating customs supervision measures for the Hainan Free Trade Port.

  It is reported that in terms of special tax system arrangements, after the island-wide customs closure operation, Hainan will combine the current value-added tax, consumption tax and other five taxes into sales tax to reduce the tax burden of enterprises.

  It will take time for the Hainan Free Trade Port to close the customs, and it is an urgent task to make up for the shortcomings.

Wang Lei, Executive Deputy Secretary-General of Hainan Provincial Party Committee and Executive Deputy Director of the Deep Reform Office of the Provincial Party Committee (Free Trade Port Working Committee Office), said frankly that the customs clearance level of Hainan Port is far from the international first-class level. Horizontal construction is lagging behind and must be improved before closing the border."

  Pranab Kumar Das, Director of the Law Compliance and Facilitation Department of the World Customs Organization (WCO), suggested that Hainan should improve the risk management level of officials, smooth the customs clearance process, and improve the efficiency of customs clearance through digital means.

  What are the advantages of the newly developed Hainan Free Trade Port?

  Weng Shijie, chairman of Malaysia's New Asia Strategic Research Center, is optimistic about Hainan's green economy potential. China's "dual carbon" commitment has spawned a huge carbon trading market. "Hainan is the intermediate bridge for carbon credit exchange between China and Southeast Asia."

  According to Zhao Jinping, former director of the Foreign Economic Research Department of the Development Research Center of the State Council of China, Hainan needs to build a two-way investment hub for enterprises, and multinational companies and headquarters-based institutions play an important role in asset allocation and management services.

He suggested that Hainan should increase cross-border capital flow, implement tax reform as soon as possible, and attract more headquarters-based enterprises to settle in.

  Kevin Thomps, CEO of Tompstone Group in Ireland and former CEO of Shannon Free Zone, suggested that Hainan can combine industrial positioning to attract high-tech enterprises or front-end headquarters enterprises in design and other industries to land.

  What opportunities will a more open Hainan share with the outside world?

  The Regional Comprehensive Economic Partnership (RCEP), which came into effect this year, will have a superimposed effect with the Hainan Free Trade Port policy.

Summati Brotodiningrat, a senior researcher at the Indonesian Foreign Policy Association and former permanent ambassador of Indonesia to the United Nations, said that Hainan has accelerated its efforts to attract foreign direct investment to create business opportunities for enterprises from ASEAN countries.

  Leung Chun-ying, vice chairman of the National Committee of the Chinese People's Political Consultative Conference and former chief executive of the Hong Kong Special Administrative Region, said that Hong Kong not only provides a reference for the construction of Hainan's free trade port, but also complements Hainan's advantages to jointly promote China's comprehensive opening up.

Qionggang should actively seize the opportunity of RCEP, connect the resources of the Guangdong-Hong Kong-Macao Greater Bay Area, promote the convergence of standards and rules between the two places, and accelerate the promotion of institutional opening up.

  Cong Liang, deputy director of China's National Development and Reform Commission, said that on the premise of ensuring that no systemic risks occur, further research will be conducted to relax Hainan's market access and foreign investment access, continue to expand the opening of the service industry, gradually establish a market access commitment system, and speed up Hainan's Convergence with high-standard international economic and trade rules.

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