Big plans for Hainan - Free trade port and more

[Viva_Viet]

Nobody cares about luxshare. Literally no one on the planet cares about it save for you.

I'm well informed in the business sector & even I don't know or care about it.

Luxshare is a big CN company and Cnese care abt it.

Nobody care abt what u post here.period

 

[Reashot Xigwin]

Luxshare is a big CN company and Cnese care abt it.

Nobody care abt what u post here.period

Whatever mate... At least I'm not acting like a maniac posting about "luxshare" of all thing.

 

[Mista]

I think the reason is because Hainan is a separate island where it is easy to contain issues if they arise from these policies. I heard they also planned to allow for the removal of the great firewall on Hainan until many Chinese netizens were angered by that idea because it gave the island privileges over the rest of the Mainland.

I read over the article. So basically no capital accounts freedom, no removal of the firewall, no independent judiciary, no gaming or gambling even, how is Hainan going to be the new Hong Kong? This is basically just mainland China but with no visas and no duties. That's not that special. I doubt Hainan is going to become a rival to HK because of this.

Yeah and in addition to what you said, recognition is also decided by the international community, not just by Beijing.

At the moment HK is still largely considered as a 'free trade port and more' by the international community except for the US.

 

[Viva_Viet]

Whatever mate... At least I'm not acting like a maniac posting about "luxshare" of all thing.

I can bet wt u, Hainan will go Nowhere after 5 years as long as US still slap 25% tariff to all CN places.

Thats why even big CN export companies also wanna quit CN, quit Hainan cos they cant survive under 25% tariff.

 

[Reashot Xigwin]

I can bet wt u, Hainan will go Nowhere after 5 years as long as US still slap 25% tariff to all CN places.

Thats why even big CN export companies also wanna quit CN, quit Hainan cos they cant survive under 25% tariff.

Fun fact: china have more than 1 trade partner.

 

[ILC]

I expect in that case of these plans for a Hainan Island finally tunnel or bridge is going to be built connecting Haikou to Guangdong.

Maybe I can move to Hainan for a few years - a good place for further traveling. if the taxes are going to be low and visa easier to get, it may trigger immigration to Hainan.

 

[tower9]

If they really want to transform Hainan, they should have it self govern as a separate entity from the rest of China. Have freedom of internet, low taxes, easy immigration for high skilled labor, attract much needed stem talent, transparent and more lenient legal system, no visas, etc. Just going half assed won't bring the island significant benefits.

 

[ILC]

Why would they do that? It would be unfair to the rest of China, current plans are unfair also but less striking.
You can make a whole of China a free trade zone in that case.

 

[tower9]

Why would they do that? It would be unfair to the rest of China, current plans are unfair also but less striking.
You can make a whole of China a free trade zone in that case.

The whole point is to use Hainan as an experimentation zone. If things work well there, they could probably roll it out in the whole country.

 

[艹艹艹]

'Six liberalizations' planned for Hainan free trade port

 

[8888888888888]

Look like they drop the gambling idea.

 

[CAPRICORN-88]

The future is looking good for Hainan Island.

Imagine if General Chiang Kai Shek has chosen Hainan as it's HQ instead of Taiwan.
It is fortunate he did not.
Taiwan would be Hainan, a Province of China again and Hainan would be Taiwan today.
So you see the unification of Taiwan is inevitable.

 

[艹艹艹]

New offshore duty free policy drives July sales boom in Hainan
11 July 2020

CHINA. The introduction of an expanded offshore duty free shopping policy on Hainan island on 1 July has prompted an immediate surge in sales, according to official statistics from Hainan Free Trade Port.

As reported, individuals can now make duty free purchases of RMB100,000 (US$14,130) every year, compared with the former restriction of RMB30,000 (US$4,285). The range of categories has also been extended from 38 to 45, with smartphones, laptops, game players and wines and spirits being added to the list. Critically, the RMB8,000 (US$1,129) limit for a single tax-free purchase has been removed and 30 cosmetics items per visit can now be purchased instead of 12.

Local media report how the ‘New Deal’ for offshore duty free shopping is leading to a sales boom, particularly for cellphones and cosmetics

From 1 to 7 July, the first week of the policy, customs statistics reported through local media (and confirmed today by The Moodie Davitt Report) show that 65,000 purchases were made, generating revenues of RMB450 million (US$64.3 million).

Blockbuster international brands such as La Mer, Clinique and Lancôme are benefiting from the liberalised allowance

Reports said that daily customer numbers are averaging around 10,000, and daily sales ranging between RMB60 million (US$8.6 million) and RMB70 million (US$9.9 million).

The top three categories by volume were cosmetics (83.5%), fragrances (4.7%) and jewellery (1.8%). By value, cosmetics led with 51.3%, followed by jewellery (14.1%) and watches (11.9%).

Hennessy, hugely popular in China, makes its debut at Haitang Bay following the addition of spirits & wines to the category mix from 1 July

CDF Mall in Haitang Bay (pictured below) accounted for 78% of total sales, Haikou Meilan Airport Duty 13%, and Sun Moon Plaza Duty Free and Qionghai Boao Dongyu Island Duty Free a joint 9%.

Sales have been spurred by heavy promotions and aggressive pricing, which local reports suggested made cosmetics prices 10%-20% cheaper than those in Japan, South Korea, Singapore, France and Hong Kong.

 

[艹艹艹]

17 AUG, 20:30
Media: Russian diplomat suggests Hainan should strengthen cooperation with Russia
In 2019, at least 290,000 Russian tourists visited Hainan

HAIKOU, August 17. /TASS/. Attache of the Russian Consulate General in Guangzhou (South China) Ilya Chubarov during an interview with local media praised the development potential of Hainan's free trade port and advised using favorable factors to boost cooperation with Russia, reported the Sanya Daily.

"In 2019, 290,000 Russian tourists visited Hainan. I am sure that in the future the number of tourists from Russia will increase here," the publication quotes the Russian diplomat as saying. "During my current visit to Hainan, I realized that the cooperation of Russia's regions with the city of Sanya and Hainan will not be limited to tourism. Hainan's free trade port creates unprecedented opportunities for development."

Chubarov noted that amid the ongoing changes, Hainan has new chances to increase cooperation with Russia both in the field of medicine, investments, and in the trade and humanitarian sphere. He clarified that during his last trip to the island, he visited Boao Lecheng International Medical Tourism Zone, the Ecological Innovation Development Park, and the local science city of Yazhouwan. "All this testifies to Hainan's investment attractiveness and development potential," added the diplomat.

Earlier, the provincial administration announced that more than 70 diplomatic officials from 37 countries visited Hainan to discuss prospects for intensifying international cooperation. During the trip, a "strategic symposium on important economic issues" was held.


According to the head of the international relations department of the regional party committee Wang Sheng, Hainan will continue to "expand the circle of foreign friends" and will attract more and more global resources for economic development.

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[PeacefulWar]

I see Hainan will be more like another shenzen & Shanghai.

Will be more opened than Shenzhen and Shanghai seems.