SCIO briefing on master plan for Hainan Free Trade Port

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In terms of the secure and orderly flow of data, we will expand openness in the data sector, and cultivate and develop the digital economy on the premise that the data flow is secure and under control.

"1" refers to the building of a modern industrial system. Particular emphasis is placed on highlighting Hainan's advantages and characteristics, vigorously developing tourism, modern service industries and high-tech industries. We will also be further consolidating the foundations of the real economy and strengthening economic innovation and competitiveness.

The "4" is to strengthen the institutional arrangements in the four areas of taxation, social governance, rule of law and risk prevention and control. 

The first is to gradually establish a tax system compatible with a high-level free trade port in accordance with the principles of zero tariffs, low tax rates, a simplified tax system, strong rule of law, and a phased implementation.

Second, efforts will be made to promote the reform of government agencies and the transformation of government functions, and to build a governance system for free trade ports that is systematic, complete, scientifically standardized and effectively operated.

Third, a free-trade port rule of law system based on the Hainan FTP law and consisting of local regulations and an economic settlement mechanism for commercial disputes will be established to create a world-class free-trade port rule of law environment.

Fourth, effective measures have been formulated and implemented to prevent and mitigate major risks in the areas of trade, investment, finance, public health and ecology, so as to firmly hold the line against systemic risks.

There are two phases in implementing the master plan — laying the foundation and carrying it out in an all-round manner.

The first phase runs from now until 2025, during which the main work involves laying the foundation and making preparations. The tasks of this phase include highlighting liberalization and facilitation of trade and investment, orderly promoting opening-up on the basis of effective supervision, yielding early results by promoting the convenient and efficient flow of various production factors, and launching the island-wide special customs clearance operation in due course. We will carry out relevant work in a timely manner and strive to make breakthroughs within around three years, so as to lay a solid foundation for launching of the special customs clearance mechanism.

The second phase, which will run until 2035, involves promoting the implementation of a set of free trade port policies in an all-round manner. The tasks during this phase include further optimizing and improving opening-up policies and relevant institutional arrangements; realizing free and convenient trade, investment, cross-border capital flow, personnel movement, and transportation; achieving the safe and orderly flow of data; ensuring a complete system of laws and regulations, a modern industrial system and a modern social governance system are basically formed; and creating a new highland of open economy for China.

In the next step, guided by the spirit of General Secretary Xi Jinping's important instructions, the NDRC will work with Hainan province and relevant departments to give priorities to important links and key areas in line with the requirements of the master plan, adhere to the principle that regulatory streamlining can only serve its purpose when supported with enhanced compliance oversight, implement the plan in steps and phases with all-out efforts in a steady and sound manner, and make a big push to ensure that various policies and measures can come into effect and produce positive results as soon as possible, so that we can build Hainan into a high-quality free trade port with high standards. That concludes my introduction. Thank you.

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