Hainan to reap opening-up dividends

The State-Owned Assets Supervision and Administration Commission, the nation's top asset regulator, said that more than 40 central SOEs and their subsidiaries have launched regional headquarters and business units across the province with 47 billion yuan ($6.72 billion) of registered capital.

More than 100 SOEs are expected to enter Hainan FTP in about three years, according to the provincial government.

On the government front, the island province, which connects the world through 103 international air routes and has a population of 9.4 million, will continue to build a fair business environment for global investors that is hailed for system integration and innovation to ensure efficient and high-quality collaboration.

Building a first-class business environment is a key measure to transform government functions, upgrade service, improve the way government officials perform their tasks, and enhance people's sense of gain, satisfaction and happiness, Liu Cigui, secretary of the CPC Hainan provincial committee, said at the mobilization conference on creating a first-class business environment for Hainan Free Trade Port held in Haikou last week.

He added that "we must see to it that high-quality and high standard requirements are implemented throughout each project and reflected in each link of the process".

"Hainan's institutional building and progress will cultivate a more open and fairer business environment, further boosting market vitality and internal growth momentum of the economy," said Xia Feng, executive director of the Institute for Advanced Studies of Humanities and Social Sciences at Hainan University.

He said in the long term, the Hainan FTP will become a comprehensive demonstration zone for economic circulation in terms of cross-border trade and those between Hainan Island and other parts of the Chinese mainland.

"Hainan will play a key role in Southeast Asia if all key factors needed for boosting Hainan to its new leading position shall be implemented," said Yuval Golan, CEO of Unique 1 Asia Ltd, a consulting and investment firm operating in Hainan.

He believes reform of government services will help remove all hurdles and red tape for both domestic and international companies and citizens. "The master plan will make Hainan a hub for innovation, sustainability and true high-quality level of living."