The National Development and Reform Commission and the Ministry of Commerce of China have approved the full text of the "Special Administrative Measures for Foreign Investment Access to the Hainan Free Trade Port", effective February 1, 2021, and will make Hainan the most foreign investment-friendly province in China.
Currently, China's special controls for access to foreign investment are regulated in the form of a “negative list”, a national version of “Special controls for access to foreign investment (negative list)” and “special controls for access to foreign investment (negative list) ) in pilot free trade zones ”, were approved on June 23, 2020.
"Special Administrative Measures for Foreign Investment Access to the Hainan Free Trade Port (negative list)" contains 27 items in 11 industries that were opened further than the free trade zone version. In the meantime, the list will continue to shrink and gradually increase the convenience of investing in the Hainan Free Trade Port, further demonstrating China's determination to continue to open up and give a strong impetus to the construction of the Free Trade Port.
The main features of the Hainan version of the list are to help open up key areas such as telecommunications and education, remove restrictions on foreign investment in online data processing and transaction processing businesses, and to allow businesses with legal entity registration and services in the Hainan Free Trade Port to develop Internet data centers and content distribution network services throughout the Free Trade Port and internationally, and collect data to develop the digital economy. Allow overseas higher science, engineering, agricultural and medical universities and vocational colleges to independently manage schools in the Hainan Free Trade Port and support the construction of the Hainan Island International Educational Innovation.
In the field of legal services, foreign investors are allowed to invest in certain non-litigation commercial legal cases related to Hainan in order to better meet the needs of foreign legal services in trade, investment, finance and other areas of the Hainan Free Trade Port.
In the manufacturing sector, national and pilot free trade zones will in advance "remove the restriction on foreign participation in the production of passenger cars and the restriction on the creation of the same foreign company of two or less joint ventures in China that produce similar automotive products" - this is to support the opening of an automobile Hainan Free Trade Port Industry.
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