ISSUING AUTHORITIES:

Hainan Provincial Development and Reform Commission

Department of Commerce of Hainan Province

DATE OF ISSUANCE:

November 8, 2024

EFFECTIVE DATE:

November 8, 2024

The Hainan Provincial Development and Reform Commission and the Department of Commerce of Hainan Province jointly published the Hainan Free Trade Port Foreign Investment Regulations (Draft for Comments) (the “Draft Regulations”) with a deadline for comments of December 8, 2024.

The Draft Regulations consist of six chapters, i.e., general provisions, opening-up expansion, investment promotion, investment protection, investment administration and services, and supplementary provisions. Specifically, the people’s governments at or above the county level and parks shall establish a specialized and market-oriented investment attraction mechanism, devote more efforts to targeted investment attraction, and carry out foreign investment promotion events via multiple channels in consideration of location advantages and industrial characteristics. The Hainan Free Trade Port shall implement the system of market access upon commitment based on the principle of consistency for domestic and foreign investment. Except for state security, social stability and other areas subject to access administration by the state, in the areas with mandatory standards, relevant licenses and approvals shall be legally canceled, and foreign-invested enterprises may carry out investment and business activities after making a written commitment on compliance with applicable requirements and submitting relevant materials for filing. Foreign-invested enterprises will be further encouraged to voluntarily practice the environmental, social, governance (ESG) standards and implement ESG information disclosure. Foreign-invested enterprises may enjoy tax, investment freedom and facilitation and other preferential policies in the Hainan Free Trade Port in accordance with relevant regulations.

Reference:

海南省发展和改革委员会 海南省商务厅 关于公开征求《海南自由贸易港外商投资条例（征求意见稿）》意见的公告