HAIKOU /China/, January 18. /TASS/. Hainan authorities are working to expand opportunities for foreigners to work and live in the province, the China News Service reported citing an official document on the work of the local government.
There are plans to optimize the system of issuing work permits to expats on the island. Improving the level of services for foreigners settling in Hainan is another goal.
Yu Wenzhong, deputy director of the Office of the Free Trade Port Working Committee of the Communist Party of China Hainan Provincial Committee, said the local government has explored ways to electronically process documents during the registration process of foreign-invested enterprises in 2024. Multifunctional free trade accounts have been launched online, with cross-border transactions exceeding 100 billion.
The official noted that hospitals established only with foreign capital have been allowed to open on the island. Foreign companies can now also participate in projects in Hainan involving stem cell and genetic technologies used in medicine.
Yu Wenzhong said that another important achievement of Hainan Free Trade Port is the optimization and improvement of the visa-free policy for citizens of 59 countries. In 2024, more than 350,000 people visited the island under the new regime, more than four times more than in the previous 12 months.
Internationalization in trade and investment
According to Yu Xiang, Deputy Director of the Hainan Provincial Department of Commerce, China's southernmost region successfully overcame the difficulties caused by external factors in 2024. As a result, the export and import volume of Hainan Free Trade Port goods increased by 20% to 277.6 billion yuan ($38.6 billion at current exchange rates). Trade in services increased by 24% to 56.7 billion yuan ($7.88 billion). In addition, the province ranked 10th among the major administrative-territorial units of the People's Republic of China in terms of the volume of foreign capital.
According to Yu Xiang, Hainan will continue to improve the foreign investor service system, ensure close coordination with foreign enterprises and strengthen the comprehensive guarantee system. One of the key tasks is to implement as many high-quality and significant projects as possible.
The deputy department head added that in 2025, the province will continue to make vigorous efforts to increase foreign trade turnover and attract foreign investment. The province plans to reduce the fiscal burden on enterprises and effectively apply new incentive measures.
In April 2018, Xi Jinping announced the establishment of a pilot free trade zone and port on the island. The program aims to bring Hainan into the process of globalization and international division of labor and lay a solid foundation for innovation. Local authorities are creating attractive conditions for investors and are developing vast scientific and production infrastructure. According to the government's plan, by 2025, the province's business environment will reach national standards, and by 2050, the region will become a unique international cluster with an advanced economy, which will house campuses of leading universities, advanced laboratories and headquarters of global corporations.