On August 5, it was reported that the Hainan Provincial Development and Reform Commission announced the “Several Provisions of Hainan Free Trade Port to Promote the Development of the Private Economy.” Adopting a “small-cut” legislative approach, the provisions focus on key challenges in private economic development, emphasize institutional innovation, and provide robust legal support to enhance the role of the private economy in building the Hainan Free Trade Port.
In recent years, Hainan has introduced a series of measures to boost the private economy. By the end of June, the province had 3.6044 million private market entities, accounting for 97.54% of all market entities. Private economic organizations contribute nearly 60% of GDP and about 90% of employment opportunities.
The provisions standardize the responsibilities of government departments, addressing issues such as high market entry barriers and restrictions on competition. They refine institutional mechanisms to ensure fair participation of private economic organizations in market competition.
The provisions explicitly support private economic organizations in participating in key industries and projects, ensuring equal access to preferential policies such as income tax benefits under the Hainan Free Trade Port framework. They also encourage increased R&D investment in key scientific and technological fields. Additionally, the provisions improve research collaboration and resource-sharing mechanisms, support international exchanges, and require relevant departments to enhance service and regulatory coordination.
