In recent years, Hainan has emerged as a pivotal player in China’s quest to build a first-class business environment. The island province in southern China is making significant strides in developing a high-level Free Trade Port (FTP).
Since the FTP was established in 2020, Hainan has implemented 140 institutional innovations aimed at optimizing the business landscape and enhancing social governance. Notably, 11 of these innovations have been adopted nationwide by the State Council, showcasing Hainan’s leadership in economic reform.
At the end of 2022, Hainan inaugurated China’s first Business Environment Construction Department, dedicated to serving enterprises and spearheading further institutional innovations. This department has introduced a \"traffic light\" credit system to streamline government services, including project approval and enterprise supervision, thus safeguarding investors' rights and interests.
As a result, the approval time for construction projects has decreased by 50% over the past two years. Additionally, by the end of March this year, the number of market entities had surged by 322% compared to 2019.
Hainan’s efforts have paid off, with the actual use of foreign investment growing by an average of 63% annually from 2018 to 2023, according to government data.
In 2023, Hainan launched an initiative to foster partnerships between Free Trade Zones (FTZs) worldwide, now boasting 34 members. By aligning with top international standards, Hainan is setting a benchmark for reform and opening-up in the new era.
Reference(s):
cgtn.com
