First special Hainan talent cultivation fund begins operation

 On October 30, 2020, the first partnership meeting of the Hainan Rongzhi Talent Innovation and Entrepreneurship Fund Investment Partnership Enterprise (Limited partnership) was successfully held in Sanya Yazhou Bay Science and Technology City, marking the official start of operations for the 1st phase of the Hainan Provincial Talent Fund.

 

The Hainan Provincial Talent Fund, which has a target of 1 billion yuan, mainly invests in early and mid-stage enterprises that are established both directly and indirectly by talented individuals and teams in accordance with the Action Plan for the Introduction of Talents in Hainan (2018-2025). The fully-funded first phase of the fund totals 210.1 million yuan. This fund is not only the first special fund for talent cultivation in Hainan but also the first government-invested fund established in cooperation with key industrial parks in Hainan.

 

The establishment of the Talent Fund is an innovation to transfer financial funds from an administrative allocation to a market orientation. Additionally, the Fund will be complementary to other special talent cultivation capital in Hainan.

 

The Hainan Provincial Finance Bureau and the Talent Development Bureau of the CPC Hainan Provincial Committee plans to make the best use of the first phase of the fund’s operation to attract more social capital for innovation and entrepreneurship for talented individuals in Hainan.

 

 

Hainan to reward hi-tech companies that transfer their business to Hainan

 HAIKOU, November 2.  The Hainan authorities will reward high-tech enterprises that fully transfer their businesses to the island, reported the Hainan Daily newspaper.

 

Innovative development companies, 12 months after registering a business on Hainan, can receive a cash bonus of 5% of their fixed capital investment or 10% of their research and development (R&D) investment. The maximum amount they can count on a year after the move is 5 million yuan (about $ 745,000).

 

Moreover, in the future, the provincial authorities will annually provide development companies with funds to pay off 30% of their R&D expenses, large enterprises will be able to receive up to 2 million yuan (about $ 300,000), the rest — up to 1 million yuan (about $ 150,000). The local administration is also preparing to simplify the scheme for granting loans to such enterprises and to make concessions for those organizations that incur serious operating losses and experience difficulties in paying real estate tax.

 

In April 2018, President Xi Jinping said that the Chinese authorities intend to actively involve Hainan in globalization and to draw foreign investors to the island province. By 2050, according to the authorities, the island should become a unique international cluster with an advanced economy, developed tourism, top-notch scientific, technical and financial potential, and modern medicine. The branches of the best universities and offices of the most powerful corporations in the world will be located on the Island of Hainan. 

 

By 2025, the Chinese government intends to create an "international center for tourism and consumption" on Hainan. In order to do so, the "Eastern Hawaii" with their unique natural landscapes, thick rainforests and great climate will establish a developed network of hotels, which blend perfectly with white sandy beaches stretching along the coastline. The combination of an exotic subtropical nature and a modern eco-friendly infrastructure will boost tourist inflow to the island from the most distant parts of the world. 

 

Sanya's international asset trading center begins operating

 HAIKOU, November 3. The Sanya International Asset Trading Center which began operating on November 1 will be an important part of Hainan's free trade port project, according to the local newspaper "Hainan Daily". 

 

This center, according to the head of the Provincial Treasury Department Chen Yang, will cover domestic needs, expand openness to the outside world, link Chinese financial institutions with foreign assets, and integrate the digital economy with real financial and scientific and technical sectors. The work of the center, he said, will become a kind of driving force for increasing international exchanges, the movement of goods and capital.

 

The Sanya center also became the country's first tourism asset trading platform, the newspaper writes. The work in that direction will promote closer cooperation between companies providing services for logistics, accommodation, organization of tours and food for tourists.

 

The creation of new financial instruments and platforms is an important part of setting up a free trade port in the province. A new stage began after the publication of the program for its development on June 1. According to the document, Hainan will be turned into a special customs zone. The Chinese government expects to complete the creation of Hainan's free port by 2025: by this time, a system for ensuring free trade and investment should be established on the island.

 

By 2035, the free port and its model will become more solid. By this time, it is planned to ensure freedom of trade and investment on Hainan, cross-border movement of capital, entry and exit of people, freight traffic.

 

 

 

Hainan eyes creating international community for entrepreneurs

 HAIKOU, November 3. China's Hainan is planning to create an International Business Community to promote an attractive international business climate on the island, reported the Hainan Daily citing the region's International Economic Development Department. 

 

The community will act as an intermediary between business and the government of Hainan, their representatives will be able to conduct dialogue and openly exchange information at the platforms organized by the organization. The new structure will also facilitate cross-sectoral communication, for which the community of entrepreneurs intends to hold thematic seminars for companies in tourism, high technologies and modern services.

 

In addition, this organization plans to become a platform for interregional and interstate communication of businesses interested in the construction of Hainan's free trade port. In addition to organizing functions, the organization will also exercise control over the "connecting" various market participants, the publication notes.

 

The Hainan authorities believe that the world-class business climate in the province is very important, and they consistently create conditions for its development. In October, the island's administration published a plan for 2020-2021 to better  business environment in various ways. In particular, the document highlights the conditions for starting a business, obtaining a permit for construction work, registering property, obtaining loans, taxation, cross-border trade, protecting investors, fulfilling contracts, filing bankruptcy, attracting talent and creating a government that is focused on the provision of services. 

 

In April 2018, President Xi Jinping said that the Chinese authorities intend to actively involve Hainan in globalization and to draw foreign investors to the island province. By 2050, according to the authorities, the island should become a unique international cluster with an advanced economy, developed tourism, top-notch scientific, technical and financial potential, and modern medicine. The branches of the best universities and offices of the most powerful corporations in the world will be located on the Island of Hainan. 

 

By 2025, the Chinese government intends to create an "international center for tourism and consumption" on Hainan. In order to do so, the "Eastern Hawaii" with their unique natural landscapes, thick rainforests and great climate will establish a developed network of hotels, which blend perfectly with white sandy beaches stretching along the coastline. The combination of an exotic subtropical nature and a modern eco-friendly infrastructure will boost tourist inflow to the island from the most distant parts of the world. 

 

 

Hainan's first business jet repair base begins operating

 

HAIKOU, November 9. Hainan's first business jet repair base located close to Meilan International Airport in Haikou, the provincial capital, has begun regular aircraft maintenance, reported the Hainan Daily.

 

According to the newspaper, the industrial site belongs to the commercial carrier Deer Jet, a subsidiary of Hainan Airlines. It is expected that the base will constantly cooperate with both Meilan and another key airport in the region — Phoenix Airport (located in Hainan's Sanya).

 

“Over the recent years, we have continuously worked to create an integrated industry chain, to form which the best global resources were involved,” Deer Jet commented on the official launch of the new program. According to statistics, the airline has about 200 highly professional licensed engineers who are able to organize a wide range of repair work.

 

The local authorities are going to turn the facility into "Asia's largest business aircraft repair base, <...> create an eco- friendly industry that will hold a leading position on the international market." It is expected that such a project will have a boosting effect on the development of the entire aviation industry of Hainan's free trade port.

 

The Haikou Daily newspaper reported earlier that a modern repair area for passenger liners has been set up in the Meilan airport area recently. The complex "will support the development of the adjacent aviation industrial park and the economy of the Jiangdong New District," a special development zone established in June 2018. The aviation industrial zone located there is considered a key strategic object, thanks to which the Hainan government plans to create more than 100,000 new jobs.

Hainan launches first transcontinental air cargo route

 HAIKOU, November 9. China's Hainan launched the first transcontinental air cargo route to diversify international supply channels. According to the Hainan Daily, goods will be delivered on a regular basis from the provincial capital, Haikou, to Amsterdam.

 

According to the newspaper, the first batch delivered to Europe weighed 110 tonnes. The transportation was carried out using a Boeing 747-400F. Products shipped to the Netherlands include electronics and household goods. On the way back, the airliner will arrive with auto parts and goods ordered by Chinese consumers via e-commerce sites.

 

According to the local authorities, thanks to such transcontinental routes, they expect to increase the openness of Hainan's free trade port, enhance international supply chains to the countries participating in the Belt and Road Initiative. In the future, the island is expected to create a global network for large-scale air cargo transportation.

 

"We will seize this opportunity and take proactive steps to build the capacity needed to transport goods internationally by aviation," said Gu Gang, Chairman of the Board of Directors of Hainan Airlines.

 

As the administration of the island clarified, this project is being implemented with the support of the Civil Aviation Administration, the General Administration of Customs and the Chinese State Committee on Hygiene and Health. 

 

The authorities presented a plan for the free trade port’s development on June, 1. In accordance with the plan, the Hainan province will be turned into a special customs zone. The country’s government intends in general to wrap up the creation of the free trade port on the island by 2025: by this time the island should acquire a system to ensure free trade and investments. 

 

By 2035, the free trade port and its model will become more solid. By this time, Hainan intends to ensure the freedom of trade and investments, trans-border movement of capital, people and shipping.  

 

By 2025, the Chinese government intends to create an "international center for tourism and consumption" on Hainan. In order to do so, the "Eastern Hawaii" with their unique natural landscapes, thick rainforests and great climate will establish a developed network of hotels, which blend perfectly with white sandy beaches stretching along the coastline. The combination of an exotic subtropical nature and a modern eco-friendly infrastructure will boost tourist inflow to the island from the most distant parts of the world. 

 

 

Hainan announces a new set of measures to improve key industries

 HAIKOU, November 11. China's Hainan has announced another package of measures to modernize the healthcare system, transport and improve social projects, including those concerning foreign citizens, reported the local administration. 

 

"The program is being implemented in accordance with the official regulations and has received a positive assessment from the competent authorities, as well as renowned experts," according to the information published on Hainan's free trade port WeChat page.

 

The new measures 

 

As noted in the document, the changes will primarily affect the mechanism of registration of labor activity for representatives of other countries. The authorities promise to expedite the "unified window" to ensure the simultaneous implementation of procedures for registering the place of work and residence of foreigners on Hainan. In addition, the government intends to cut the time it takes to obtain social security services by proxy by 90%. "After the transformation of the current system, it will take, on average, only four days. Moreover, if previously an interested person had to visit government institutions more than once, now it is enough to come only once," the local administration explained.

 

According to statement, the provincial leadership decided to modernize the mechanism for controlling the operation of air routes in the lower airspace. With the help of state-owned companies, an integrated system of airports of various categories will be created in the region, including 20 air harbors. The coordination between them will be handled by a unified flight service center. According to the Hainan authorities, more than 60 enterprises related to civil aviation, research and development, as well as the organization of emergency response activities are already taking part in this project.

 

The document provides information on the establishment of Hainan's "unified system" for the registration of sea vessels. Thanks to that, by submitting an application, the vehicle owner will not have to spend unnecessary efforts and time to bypass all the departments associated with the paperwork. The new mechanism will reduce the duration of procedures from 52 to seven days.

 

Another measure will include the improvement of the integrated control platform previously created to better the traceability (identification by registration with a unified system of standards) of medical devices, which are usually used in the provision of emergency services. Thanks to this innovation, a permit to operate the demanded equipment in hospitals can be obtained in just one day, while previously formalities took an average of 27 days. Thus, the clinics of Hainan were able to implement highly effective treatments for cancer and rare diseases in the shortest possible time.

 

The simplification and unification of the system for financing pre-project work during the construction of infrastructure facilities was also on the list of the new measures. According to estimates, such a measure will significantly reduce the costs and timing of programs. In addition, this should lead to better coordination between government agencies and responsible companies.

 

The authorities presented a plan for the free trade port’s development on June, 1. In accordance with the plan, the Hainan province will be turned into a special customs zone. The country’s government intends in general to wrap up the creation of the free trade port on the island by 2025: by this time the island should acquire a system to ensure free trade and investments. 

 

By 2035, the free trade port and its model will become more solid. By this time, Hainan intends to ensure the freedom of trade and investments, trans-border movement of capital, people and shipping.  

 

By 2025, the Chinese government intends to create an "international center for tourism and consumption" on Hainan. In order to do so, the "Eastern Hawaii" with their unique natural landscapes, thick rainforests and great climate will establish a developed network of hotels, which blend perfectly with white sandy beaches stretching along the coastline. The combination of an exotic subtropical nature and a modern eco-friendly infrastructure will boost tourist inflow to the island from the most distant parts of the world.