Corporate suggestions to improve Hainan's business environment

On July 6, about 200 representatives of 110 domestic and international corporations in various sectors held a dialogue in Haikou with the Hainan Provincial Government on the business environment of the Hainan Free Trade Port. The event was hosted by the China Council for the Promotion of International Trade (CCPIT) and the CCPIT Hainan Sub-Council.

Representatives of 110 domestic and international corporations in various sectors held a dialogue with the Hainan Provincial Government on the business environment of the Hainan Free Trade Port. (Wang Ziyao)

CCPIT Vice Chairman Ke Liangdong stressed the importance of the rule of law for Hainan's business environment in his speech, saying that this is the key reference and basis for companies to consider when they begin to develop their business in Hainan. He was optimistic about the increasingly improved business environment in the Hainan FTP as a pilot zone and a new window on China's high-level opening-up.

According to Melinda Xu, Chief Representative of the US-China Business Council (USCBC) Shanghai office, the accelerated development of the Hainan FTP since China released the master plan for the FTP last June has drawn attention from many American businesses in the fields of biomedicine, high-end shopping, automobiles, the manufacturing industry, culture & tourism, and information technology. She expressed her hope that Hainan will issue further policies facilitating the convenience of cross-border capital flow, personnel entry & exit, and the orderly flow of data.

Hong Chang-pyo, General Representative of the Korea Trade-Investment Promotion Agency Greater China Regional Headquarters, also said that Hainan offers promising prospects with the Hainan FTP legal framework which was passed in June, adding that large transnational corporations in the fields of big data, biomedicine, and cross-border e-commerce in South Korea look forward to cooperation with Hainan.

At the conference, representatives from the Hainan government gave an introduction to the preferential policies for investment in the Hainan FTP and to the first China International Consumer Products Expo, which was held in Hainan in May.