BEAMSTART Logo

China is turning Hainan into a free trade hub, just like Hong Kong.

Further solidifying their economy and international presence.


China is turning Hainan into a free trade hub, just like Hong Kong. | BEAMSTART News

- From our Sponsors -

As the United States strives to recover from the pandemic, China is upping its game in becoming a global super-power and economy.

China's government has outlined plans to transform Hainan into more than just a tourist destination, but instead into a "free trade port" much like Hong Kong.

- Featured Sponsor -

The new plans outline special policies for Hainan, which include scrapping import duties, lowering company tax rates to 15%, as well as relaxing visa requirements for tourists and business travellers.

The tropical island of 9.5 million people will also enjoy freedoms in trade, capital flows, and a much more simplified investment environment.

Hainan is also known as the "Hawaii of China".

China understands the possibility of trade tensions rising further with the United States, and sees this as an alternative solution to further anchor their economic growth.

By developing Hainan further, China is also able to have the benefits of both worlds — control over their mainland economy, while reaping the economic and cultural benefits from the outside world that Taiwan and Hong Kong enjoys.

While Hainan will never become like Hong Kong, it certainly has many ingredients to make it become a tourism, trading, and even potential financial hub in the long term.

- From our Sponsors -

BEAMSTART is a Global Community and News Portal for Entrepreneurship. We cover the latest news and bring together a global network of CEOs/founders, Investors, Business Leaders, and Professionals.

 

Download the Community App

Connect with the BEAMSTART Entrepreneurship Community from the palm of your hands. Connect with CEOs/Founders, Investors, Business Leaders, and Professionals. Download below to instantly form partnerships and discover opportunities:

PlayStore ButtonAppStore Button

© 2016 - 2021 BEAMSTART (A Beepmix company). All Rights Reserved (Legal).