Supportive policies of Hainan FTP help companies develop

A series of preferential policies granted by the central government have helped enterprises in south China's Hainan Free Trade Port (FTP) to seize favorable business development opportunities over the past few years, with innovation playing a significant role in driving their rapid growth.

Hainan Province is China's first province to transform an entire island, spanning 34,000 square kilometers, into a free trade port that serves as a testbed for the unrestricted flow of goods, services, capital and data.

One of the key preferential policies -- tariff exemption for value-added processing for domestic sales – started to be implemented at the Hainan FTP in July 2021. Up to now, 112 companies have benefited from the policy, saving a total of 642 million yuan (about 88.5 million U.S. dollars), according to the Haikou Customs in the provincial capital city of Haikou.

"With this policy, our firm has successfully reduced processing costs, resulting in savings of over 4.5 million yuan (approximately 620,056 U.S. dollars) to date. Moving forward, we intend to fully leverage this policy by exploring additional raw and auxiliary materials in the new energy sector, thereby enhancing our company's competitiveness," said Song Pengjun, deputy manager of Sinopec Hainan Petrochemical Co.,Ltd's Planning and Operation Department.

In addition, the authorized economic operator (AEO) system recognized by customs worldwide has further magnified the Hainan FTP's policy advantage. With the authorization, enterprises can enjoy lower logistic costs and faster customs clearance. Currently, more firms in Hainan have been applying for eligiblity as AEOs.

"The AEO (Authorized Economic Operator) is an internationally recognized customs management system that aims to promote security in global supply chain and trade facilitation. Enterprises which are AEOs enjoy the most convenient customs clearance and the least inspection. As of now, the number of AEOs registered with the Haikou Customs has reached 107, covering key industries at the free trade port, including energy and chemical, biopharmaceutical, modern logistics, and tropical specialty food processing industries," said Wu Mengyu, principal staff member of the Business Administration Department with the Haikou Customs’Enterprise Management and Inspection Division.

EF (electronic fence) Account at the Hainan FTP is a multi-functional free trade account. It is intended to bolster the real economy, helping enterprises expand operation overseas.

"We are among the first batch of companies in Hainan Free Trade Port that have opened an EF account, which is a multi-functional free trade account. The account allows free convertibility and cross-border transfer of funds, which has greatly facilitated international trade settlement, effectively shortened the time of funds in transit and reduced the exchange rate risk. It also supports settlement of accounts with multiple currencies. Meanwhile, lower commission charges and more transparent transaction process have further lifted our firm's financial efficiency and enhanced our international competitiveness," said Li Hui, senior vice president of Jinpan Technology.

Supportive policies of Hainan FTP help companies develop

A rescue team from China's Hong Kong Special Administrative Region (HKSAR) arrived in Nay Pyi Taw, capital of Myanmar, on Sunday evening, and swiftly proceeded to the area hardest hit by a massive 7.7-magnitude earthquake to assist in search and rescue operations.

The 51-member team, after a brief rest at the Myanmar National Center for Disease Control (CDC) in Nay Pyi Taw, geared up for an overnight journey to Mandalay, the city closest to the quake's epicenter, to begin their crucial rescue efforts.

"I am part of the support team from the Hong Kong Hospital Authority (HA). This time, the HA has dispatched two doctors and two nurses to join the HKSAR rescue mission. We have prepared for possible emergencies, including bringing a large stock of medical supplies and equipment such as ventilators and blood pressure monitors," said Chiu Yuet Chung, one of the rescuers.

"As soon as we received news of such a severe disaster, we immediately began extensive preparations in Hong Kong. While the 'golden 72 hours ' are critical, we ensured that we could deploy as quickly as possible. This time, we were able to prepare and depart in a very short time," said Kong Ka-ho, a senior officer from Hong Kong's Fire Services Department.

Kong said the rescue team had prepared a wide range of equipment, including life-detecting radars, drones, 360-degree cameras, and demolition tools, to assist in the precise search and rescue of trapped individuals.

According to the Hong Kong SAR Government's Security Bureau, the 51-member rescue team comprises personnel from the Security Bureau, Fire Services Department, Immigration Department, and the Hospital Authority. The team also includes two fire search and rescue dogs.

The earthquake that struck Myanmar on Friday noon was the largest of the year so far and the strongest continental seismic activity globally in nearly a decade. At least 1,700 people died, 3,400 were injured, and 300 remained missing as of Sunday noon, according to the country's State Administration Council on Sunday.

China's HK rescue team rushes to Myanmar quake epicenter to search for survivors