Big Data Helps Improve Hainan’s Governance Capacity

Service trade statistics is the reference for making service trade policies. Hainan established a new statistical mode with the direct reporting system of key enterprises in service trade and the big data statistical techniques. It uses the correlation of the economic data to solve the challenge of missing data in service trade statistics.

“By the end of this year, we will achieve the full aperture statistics of the four service trade modes, and then Hainan is expected to be at the forefront of the service trade statistics in China,” said Li Peng, Investigator of the Service Trade Office of the Department of Commerce of Hainan Province.

The introduction of the negative list on cross-border trade in services for Hainan Free Trade Port has attracted a number of overseas individuals to open securities accounts in Hainan securities operating institutions, allowing a large number of foreigners to sign up for relevant examinations, helping the development of talents and enterprises in Hainan.

Qiu Huanfa, Hong Kong Legal Counsel of Hainan Huihai Law Firm, said that he had applied to settle in Hainan according to the requirements of the negative list, hoping to assist enterprises in Hainan on financing and promote their development.

In addition, Hainan has used big data to establish a "single window" for international investment, integrating multi-department government systems such as investment promotion, market supervision and project approval, and the approval time limit can be shortened by nearly 70%.

According to Chen Yiman, Business Consultant of Hainan Haichen Business Service Co., Ltd., it used to take two weeks to register for a company, but now it only takes 2-3 days.

The "single window" for international investment was officially launched on August 13th, 2020. As of September 30th this year, 4,263 foreign-funded enterprises had handled 10,231 investment-related businesses online.

“In the next step, we will continue to strengthen our big data capacity, and improve the efficiency of all aspects with more digital forms,” said Sun Shaoke, Deputy Director of Big Data Administration of Hainan Province.