ICCF supported the organisation of the Hainan-Italy Economic and Trade Cooperation Promotion Conferenceon 9 May in Milan. In addition to the participation in the Forum by the President of ICCF Mario Bosellihe had the opportunity to confront the Executive Deputy Governor of China Province in the context of an exclusive meeting: the aim of the meeting was to learn more about facilitations for international trade, as well as to discuss cooperation projects that could include support for Italian companies and activities in the field of training/information.
In this context, President Boselli during the Forum signed a bilateral cooperation agreement with the local China Council for the Promotion of International Trade.
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HAINAN: THE BENEFITS AND TAX POLICIES OF THE FREE TRADE PORT
Hainan Island is a province located in southern China. It is the largest Special Economic Zone (SEZ) in the country.
The project was launched by the Chinese government in 2020 with the aim of building an area to attract foreign investment and consequently increase domestic consumption.
The initiative is accompanied by a series of tax and trade facilitation policies that increase its attractiveness to foreign investors.
The plan also stipulates that, by 2035, the island's freedoms in terms of trade, investment, capital flows and the movement of people and data will be further expanded.
Advantages of the free trade port of Hainan:
- It is the largest free trade port in China; its special geographical location opens up access to the Chinese and South-East Asian markets
- In a four-hour flight it is possible to reach 21 Asian countries and regions, representing 47% of the world's population and 30% of global GDP
- It enjoys a developed logistics infrastructure: the island has two international airports and 19 ports
- It offers excellent conditions for tourist accommodation: mild climate, excellent air quality, accommodation facilities, sports facilities for various activities
- Italy was 'Guest of Honour Country' at the last Hainan Expo 2023
- It grants visa-free entry to citizens from 59 foreign countries including Italy for stays of up to 30 days for business, visits, family reunions, etc.
Fiscal Policies:
- Exemption of initial import duties for a wide variety of goods
- Low tax rates for companies operating in Hainan as well as for qualified personnel working there
- Simplified customs procedures
- Free currency exchange
- Optimisation of administrative formalities
- Growth of the digital economy and increased focus on the protection of intellectual property rights and the protection of data transfer
- Special and beneficial policies for the development of biomedical and pharmaceutical industry and research
Read more:
A Different Hainan, Your New Partner: Emerging Opportunities of Hainan Free Trade Port
New investment opportunities for the biomedical industry in the free trade port of Hainan
