China announces plans to further open up Hainan island

China announces plans to further open up Hainan island

The Haikou Century Bridge connecting Haidian Island and the main Haikou area is pictured in Haikou
The Haikou Century Bridge connecting Haidian Island and the main Haikou area is pictured in Haikou, Hainan district, China May 6, 2018. China Daily via REUTERS/Files

BEIJING: China announced plans on Monday (Jun 1) for the further opening up of its southern island province of Hainan, the Xinhua news agency said.

The plans will facilitate free trade, investment and cross-border capital flows in Hainan, and eventually designated imported goods will be exempted from tariffs on the whole island, Xinhua said. The government will also offer favourable tax policies to companies in Hainan, it added.

China will steadily raise the special local government bond quota to support infrastructure construction in Hainan and encourage it to issue local government bonds to overseas investors, it added.

READ: China to set up Hainan free trade zone by 2020, port by 2025

Source: Reuters/dv

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