Editorial:No need to worry about Hainan Free Trade Port
文章日期:2020年6月16日

【明報專訊】THE Central Committee of the Communist Party of China and the State Council jointly released the ''Overall Plan for the Construction of Hainan Free Trade Port'' early this month, outlining a series of unprecedented major policies of opening-up. They include the imposition of border control on the whole island in five years, the permission of free inflows and outflows of people, capital and goods, the exemption of import duties on all imported consumer goods outside a specified list, the raising of the limit of free-duty shopping for outbound travellers from 30,000 yuan to 100,000 yuan per person each year, and the lowering of the income tax rate for companies registered on the island and individuals to 15%. There is even talk of providing the freedoms of the air, liberating basic telecommunication operations, eliminating digital barriers and so forth. These policies have been interpreted by the media as being targeted at Hong Kong. They are seen as attempts to make Hainan a backup plan or even a substitute for Hong Kong. That said, as long as Hong Kong plays its part properly and holds on to its current edge, the impact will be limited. Not only that, but the city can even benefit from the policy of the Hainan Free Trade Port.

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