Hainan rolls out key indicators to improve business environment

In order to promote the rule of law as well as the internationalization and facilitation of the business environment,  Hainan has rolled out several new regulations and rules since 2018. To further improve the business environment, December saw nearly 100 new quantitative indicators released by the island province, together with the periodic targets set for 2021, 2023 and 2025, as well as the methods and departments responsible to achieve these targets.

(www.hainanexpo.org.cn)

The establishment of these quantitative indicators is based on the actual overall situation of the province and the key policies in the master plan for the development of the Hainan Free Trade Port, and has taken both the national and international business environment evaluation system, as well as the previous practice of some other Chinese cities into consideration.

Among the indicators published, there are 17 first-level indicators, which can be further classified into the following three aspects:

First, Hainan will simplify the procedures for setting up companies, for real estate registration, for applying for construction permits, paying taxes, access to electricity & water, network coverage, high-quality talents, credit, and loans to save time and lower operational costs for businesses.

Secondly, in order to strengthen the rule of law of the business environment, Hainan will tighten the review and management of legal contracts, establish a protection mechanism for small and medium investors, improve the hearing of bankruptcy cases, and strengthen the protection and application of intellectual property rights.

Thirdly, in the area of government services, Hainan plans to cancel or reduce the amount for bid bonds, promote smart e-government services, improve the efficiency and coverage of market supervision, increase the introduction and incubation of new high-tech enterprises, and promote international business cooperation.