Hainan FTP Launches Game-Changing Policies to Boost Openness

The southern Chinese province of Hainan is on the brink of implementing a transformative step to enhance its role in global trade. A recent briefing unveiled substantial progress in establishing the Hainan Free Trade Port (FTP) with special customs operations across the island, a move expected to facilitate smoother international trade communication. One of the critical highlights is the comprehensive tax regime developed for the Hainan FTP. It encompasses 18 tax policies, including innovative approaches like the “dual 15% cap” on corporate and individual income tax. The reforms aim to attract foreign investment by providing attractive tax incentives. As part…