BEIJING, Jan. 22 (Xinhua) -- China's southernmost province of Hainan is planning to promote the reform and innovation of fiscal investment and loan patterns, leading social capital to participate in the construction of Hainan free trade port, according to a financial work conference of Hainan Province held on Thursday, reported by Chinanews.com.
In 2021, market-oriented mechanism are expected to be introduced in Hainan's profitable projects such as the island highway and high-speed railways loop, rural sewage treatment, and housing construction for talents.
Hainan also plans to use equity investment, government funds, PPP, REITs and other methods to attract social capital in the construction and operation of projects and promote the establishment of a special investment fund for Hainan free trade port construction.
In terms of fiscal and taxation policies, Hainan will actively promote the implementation of early arrangements for all relevant measures and policies for free trade port construction, use limited financial resources in key areas and key projects and support key industrial parks such as Haikou Jiangdong New Area and Yangpu Economic Development Zone to build industries with output value of more than 100 billion yuan.
During the 14th Five-Year Plan period, Hainan will accelerate the establishment of a fiscal and taxation system that is compatible with the free trade port construction, deeply study the free trade port tax system reform, risk assessment, stress testing, plan reserve and implementation, and speed up the establishment of a modern tax system with scientific tax types, simple structure, optimized elements, tax burdens reduced, and efficient collection and management.
(Edited by Gao Jingyan with Xinhua Silk Road, gaojingyan@xinhua.org)
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