Tesla, EDF, Kovosch, Hungarian Savings and Commercial Bank and General Electric have arrived in Hainan free trade port

As the first free trade port in mainland China, the Hainan Free Trade Port is becoming a “new favorite” for foreign capital. In 2020, 1,005 enterprises with foreign investment were established in Hainan, which is 197.3% more than a year earlier. Well-known foreign companies such as Tesla, EDF, Kovosch, Hungarian Savings and Commercial Bank and General Electric from the USA have arrived in Hainan.

A spokesperson for the free trade port noted that the Hainan ftp is the highest level of openness in the world. Compared to other free trade ports, the advantage of the Hainan Free Trade Port is not only that it is open to the whole world, but also support and behind it is an ultra-large domestic market.

A number of high-level opening policies have been accelerated, and the attractiveness of the Hainan Free Trade Port for foreign investment is expected to further increase.

Having officially settled in the Hainan Free Trade Port last October, Tesla recently took new steps in Hainan: the first Hainan Tesla Center opened in Haikou on January 15. The center will provide consumer advice, delivery, after-sales service and other services, and Tesla has already commissioned a new supercharging station in Hainan.

Hainan Free Trade Port layout is becoming a new choice for an increasing number of foreign companies. At the end of last year, the fourth batch of key Hainan Free Trade Port projects was signed, including 14 foreign-invested projects related to aviation, culture and sports, international settlements and financial technology.

General Electric (China) Co., Ltd. signed an agreement with Hainan province, which clarifies that the two sides will deepen cooperation in the fields of aviation, medicine, clean energy and digitalization over the next five years. In aviation, GE will grant authorization for engine repairs invested by Hainan Airlines in Haikou to help it create the maintenance capabilities of GEnx-1B engines.

A few days ago, Hainan announced a report card on attracting foreign investment last year: 1,005 foreign-invested enterprises were established in Hainan in 2020, up 197.3% from last year; the actual use of foreign capital during the year was USD 3.03 billion, an increase over the same period last year by 100.7%; countries and regions investing in Hainan Province Relevant foreign-funded enterprises include G20 member countries; the number of newly created enterprises with foreign financing in the modern service industry accounted for about 90% of the total number of newly established enterprises with foreign capital in a year, and the actual use of foreign capital was about 80% of the total.

Last October, the Hungarian Commercial Savings Bank settled in Sanya City, Hainan. Ni Huanjun, the company’s chief representative in Beijing, said that the Hainan Free Trade Port’s financial, tax and personnel policies have allowed foreign banks to better enter the Chinese mainland market. He announced that the company plans to set up a consumer finance company in Hainan at an early stage, and in the medium to long term – to open the headquarters in the Asia-Pacific region in Hainan.

On June 1, 2020, the Hainan Free Trade Port General Plan was published, marking Hainan’s transition from a pilot free trade zone to a free trade port. Since the release of the master plan, a number of policies and measures: introduce the corporate income tax of the Hainan Free Trade Port and the high-class personal income tax rate of up to 15% at a preferential tax rate, accelerate the implementation of basic policies such as zero tariffs and low tax rates; establishment of a financial development center of the Hainan Free Trade Port, assistance in the development and promotion of financial investment services, financial research of the Free Trade Port, docking between the state, bank and enterprise, international financial exchanges and cooperation.

Lawson, a world renowned convenience store chain, settled in Hainan last year. It was only two months before the opening of the first batch of five Lawson convenience stores in Haikou. … “It is obvious that we feel good conditions for doing business in Hainan. ” Tang Yaohua, CEO of Qingzi Industrial Co., Ltd., said Lawson is developing very smoothly in Hainan. This year, the company hopes to take full advantage of the Hainan Free Trade Port.