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Agricultural Development Bank of China
News for Outlets

S.China Hainan FTP intensifies institutional innovations to facilitate free trade and investment

July 07, 2021


Abstract : South China's Hainan Free Trade Port (FTP) has been committed to implementing institutional innovation over the past three years, creating 13 batches of 126 innovative results, and achieved remarkable results in promoting free trade and investment in the province.

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Aerial photo taken on May 4, 2021 shows the city view in Haikou, capital of south China's HainanProvince. (Xinhua/Zhang Liyun)

BEIJING, July 7 (Xinhua) – South China's Hainan Free Trade Port (FTP) has been committed to implementing institutional innovation over the past three years, creating 13 batches of 126 innovative results, and achieved remarkable results in promoting free trade and investment in the province.

Hainan simplified the examination and approval procedures for technical inspection of imported ships as well as import and export licenses of mechanical and electrical products.

Relying on the first local foreign-related civil and commercial court, Hainan Province conducted centralized trials of foreign civil and commercial cases, aiming to create an international dispute resolution platform that integrates litigation, mediation, and arbitration.

To alleviate problems such as safety and transportation costs encountered in the declaration process of goods in the bonded area, especially hazardous chemicals, Hainan implemented point-to-point direct transfer of goods entering and leaving the Yangpu Bonded Harbor Area.

In addition, Hainan has been promoting involvement of its rural revitalization themed activities in related conferences of the national level every year, in an effort to integrate rural revitalization into international cooperation.

(Edited by Jiang Feifan with Xinhua Silk Road, 346129473@qq.com)

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Keyword: Hainan institutional innovation Free Trade Port

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