Hainan's transition from a free trade zone (“FTZ”) to a FTP is not just a simple upgrade. The purpose of the FTZ is to give play to its role of “first trial” in policy systems and to promote reproducible experience nationwide. The biggest feature of the FTP is the "zero tariff"- based tax system arrangement, as well as a higher level of trade liberalization, facilitation and all-round opening up.
Financial
1.Promote the development of “Over The Counter” derivatives related to the construction of FTPs;
2.Promote the construction of property rights trading venues, allowing non-residents to participate in transactions and conduct fund settlement;
3.Support the establishment of property insurance, personal insurance, reinsurance; companies, mutual insurance organizations and self-insurance companies.
Telecommunications
1.Set up pilots for international Internet data exchange gradually and establish international submarine fiber optic cables and landing sites;
2.Foreign enterprise set up branches in FTP for online data processing and transaction processing;
3.In the value-added telecommunications business, restrictions such as the proportion of foreign investment in shares will be gradually eliminated.
Aviation
1.Liberalising the restrictions on foreign airlines flying through Hainan, including flights; between a foreign country and China by an airline of a third countries;
2.Bonded jet fuel is allowed for flights to and from Hainan.
Shipping
1.Container goods that meet the requirements and transit through Yangpu port will be eligible for tax refund;
2.Export tax rebates will be granted to ships built in the Yangpu port and engaged in international transportation.
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