8 Jan 2020
Commerce Ministry Announces New Opening Up Policies for Hainan
The Ministry of Commerce and 17 other government departments have recently jointly issued the Circular on the Trial Implementation in the China (Hainan) Pilot Free Trade Zone of Policies Already Applied in Other Pilot Free Trade Zones. A total of 30 policies suitable for Hainan have been put forward, including:
- Raising the level of investment and trade facilitation
Supporting the construction of ports importing drugs and biological products for the first time and allowing the establishment of joint ventures between foreign law firms and Chinese law firms.
- Further opening up the financial sector
Supporting private capital in entering the financial sector, strengthening strategic co-operation with offshore renminbi markets outside Mainland China.
- Accelerating the development of the shipping sector
Allowing foreign ships to be chartered for temporary transportation under specific conditions, facilitating international ship management companies to engage in seafarer assignment service.
Source: Ministry of Commerce