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Hainan Free Trade Port: New Measures to Boost Trade Liberalization and Facilitation

China's Ministry of Commerce and three other departments have issued a notice to further enhance trade liberalization and facilitation in the Hainan Free Trade Port. The notice introduces 16 measures across goods trade, services trade, and new trade models. For foreign founders, this signals expanded opportunities in key industries and improved ease of doing business in Hainan.

Overview of the New Policy

In a move to advance the development of the Hainan Free Trade Port (FTP), China's Ministry of Commerce (MOFCOM), together with the National Development and Reform Commission (NDRC), the Ministry of Ecology and Environment (MEE), and the General Administration of Customs (GAC), has jointly issued a notice titled "Notice on Further Improving the Level of Trade Liberalization and Facilitation of the Hainan Free Trade Port." The policy aims to establish Hainan as a key gateway for China's opening-up in the new era. The notice outlines 16 specific measures across three main areas: upgrading goods trade, promoting services trade liberalization, and fostering new trade formats and models.

Key Measures for Goods Trade

For goods trade, the policy focuses on key industries such as automobiles and new petrochemical materials. It proposes supportive measures to optimize bonded supervision, bonded delivery, and research and testing. These steps are designed to strengthen the integration of trade and industry, helping to reinforce and extend industrial chains. Foreign founders involved in manufacturing or logistics may find new opportunities in these sectors, particularly in bonded operations and R&D activities within the Hainan FTP.

Services Trade Liberalization

In services trade, the notice calls for further voluntary opening in sectors such as healthcare, insurance, and professional qualification recognition. It also aims to improve the convenience for foreign nationals entering and practicing in Hainan. These measures are expected to drive innovation in leading industries like tourism and modern services. For foreign entrepreneurs in these fields, the policy could ease market access and facilitate the mobility of professional talent.

New Trade Formats and Models

The notice encourages exploration of new trade formats such as bonded repair and remanufacturing. It also supports comprehensive deepening of cooperation between the Hainan FTP and Hong Kong, and enhances synergy with the Guangdong-Hong Kong-Macao Greater Bay Area. These initiatives aim to stimulate new momentum for trade development. Foreign founders operating in repair, remanufacturing, or cross-border collaboration may benefit from the expanded scope of permitted activities.

Implementation and Risk Management

The notice emphasizes that relevant departments must uphold the overall leadership of the Party, balance development and security, and fully support Hainan Province in implementing the policies to improve the quality and efficiency of foreign trade. Hainan provincial authorities are required to fulfill their responsibilities, refine work mechanisms, break down tasks, and ensure effective implementation. They are also tasked with establishing a sound risk prevention and control system, strengthening full-process supervision, and safeguarding security bottom lines. Foreign investors should note that while the policy promotes liberalization, it also underscores compliance and risk management, which are integral to operating in China.

Practical Implications for Foreign Founders

For foreign founders considering registering or operating a company in China, the Hainan FTP offers a dynamic environment with evolving trade rules. The 16 measures signal a commitment to easing market access and improving operational convenience. However, navigating these policies requires careful attention to regulatory details. It is advisable to seek professional guidance to ensure compliance and to fully leverage the available incentives. The policy also highlights the importance of aligning business activities with the broader goals of industrial upgrading and risk control.

Conclusion

The new notice from MOFCOM and other departments represents a significant step in enhancing the Hainan FTP's trade environment. By focusing on goods, services, and new trade models, it provides a framework for foreign businesses to participate in China's market. As the implementation progresses, foreign founders should monitor further developments and consider how these measures can support their China strategy.

This summary is based on information published by the relevant Chinese government website and is general information, not legal or tax advice.

For assistance with company registration and operations in China, foreign founders can contact ChinaMNC on WhatsApp / WeChat at +86 153 1898 8535.