Hainan Issues 20 Measures to Grasp RCEP Opportunities

The 20 measures include the following content: Firstly, Hainan plans to expand the scale of trade in goods. Specifically, for making use of the RCEP rule for eliminating about 90% of the tariffs on goods traded in the bloc over the next 20 years, Hainan will carry out four measures including enlarging the exports of its advantageous products, increasing the imports of medium and high-end products, and developing new forms of trade.

Secondly, Hainan schedules to innovate and develop trade in services. By giving full play to the preferential policies of the Hainan Free Trade Port construction and of the development of the digital economy, there are four measures covering developing digital trade, optimizing trade in medical and health services, upgrading trade in "tourism +" and "culture +" services, and expanding trade in international education services.

Thirdly, Hainan will promote two-way investment and cross-border industrial chain cooperation, and further attract investment from RCEP Member States, especially from Japan, South Korea and Singapore. In this regard, there are three measures involving precise investment attraction, building cross-border industrial chain and boosting foreign investment.

Fourthly, Hainan is projected to deepen regional integration and connectivity. It will give play to its regional advantages and continue to deepen exchanges and cooperation with ASEAN countries. In detail, Hainan issued four measures for improving trade circulation, facilitating the flow of personnel and employment, promoting data interconnection and striving for the settlement of some RCEP meetings in Hainan.

Fifthly, Hainan aims to accelerate institutional innovation and optimize the business environment. More precisely, it will implement five measures in optimizing the policies and institutional arrangements issued at the early stage of building the free trade port, strengthening intellectual property protection, carrying out cooperation and exchange in line with international standards, enhancing its response ability to trade frictions and commercial disputes, and improving supporting services for advancing RCEP rules.