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China to attract multinationals’ regional headquarters to Hainan

Abstract : China's commerce ministry on Thursday said it would guide the regional headquarters of multinationals to gather on the southern island province of Hainan to push the construction of the Hainan free trade port (FTP).

Aerial photo taken on May 4, 2021 shows the city view of Haikou, the capital of south China’s Hainan Province. (Xinhua/Zhang Liyun)

BEIJING, May 27 (Xinhua) — China’s commerce ministry on Thursday said it would guide the regional headquarters of multinationals to gather on the southern island province of Hainan to push the construction of the Hainan free trade port (FTP).

“Existing opening-up measures on fostering investment will be well implemented. Regional headquarters of multinational companies will also be guided to the Hainan FTP,” Gao Feng, a spokesperson with the Ministry of Commerce, told a press conference.

Notable progress has been made since the country released a master plan last June to build the island into a globally influential and high-level free trade port by the middle of the century.

According to Gao, China has rolled out 28 policies and measures to liberalize and facilitate trade in goods and services at the Hainan FTP. It has also unveiled 22 special measures to widen market access in sectors, including finance, culture, and medical care.

Earlier this month, Hainan held the first China International Consumer Products Expo. It was the first-ever expo by China to focus on quality consumer goods at the national level, with 2,628 brands of 1,505 enterprises from home and abroad participating in the exhibitions.

Looking ahead, Chinese authorities will further optimize the regulatory policy environment for imports and exports of goods in specific regions of the Hainan FTP and formulate a negative list for cross-border trade in services in Hainan, Gao said. Enditem

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Xinhua Silk Road (en.imsilkroad.com) is the Belt and Road Initiative (BRI) portal.China’s silk road economic belt and the 21st century maritime silk road website,includes BRI Policy, BRI Trade, BRI Investment, Belt and Road weekly, Know Belt and Road, and the integrated information services for the Belt and Road Initiative (BRI).

Source: China to attract multinationals’ regional headquarters to Hainan

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