The 2024 Hainan Encouraged Catalogue aims to boost industries in the Hainan Free Trade Port, prioritizing sectors like tourism, modern services, and high technologies. It includes 176 entries across 14 categories, with new additions focusing on cultural tourism, new energy, medicine and health, aviation, aerospace, and environmental protection. The Catalogue offers incentives for foreign investment and market access expansion since 2020.
The 2024 Hainan Encouraged Catalogue
The 2024 Hainan Encouraged Catalogue, issued by the NDRC, MOF, and STA, aims to boost industries in the Hainan Free Trade Port. It prioritizes sectors like tourism, modern services, and high technologies, offering incentives for foreign investment and market access expansion since 2020. The Catalogue includes 176 entries across 14 categories, with 33 new additions focusing on cultural tourism, new energy, medicine and health, aviation, aerospace, and environmental protection.
Issuance of the 2024 Hainan Encouraged Catalogue
The National Development and Reform Commission (NDRC), in collaboration with the Ministry of Finance (MOF) and the State Taxation Administration (STA), has issued the Catalogue of Industries Encouraged to Develop in Hainan Free Trade Port (2024 Version). The updated Catalogue took effect on March 1, 2024, replacing the previous 2020 Edition. Beyond the industries already addressed in existing national catalogues, the new entries prioritize sectors such as tourism, modern services, and high technologies.
Market Access Expansion in Hainan Free Trade Port
The Hainan FTP has been providing incentives to draw investors to invest and establish businesses in the region, especially foreign investment. Alongside a phased approach to opening the capital account and facilitating free capital movement, Hainan has significantly expanded market access for foreign enterprises since 2020, particularly in sectors such as telecommunications, tourism, and education. The 2024 Hainan Encouraged Catalogue includes 14 distinct categories and a total of 176 entries, including 33 new additions compared to the 2020 Edition, focusing on industries like cultural tourism, new energy, medicine and health, aviation and aerospace, and ecological and environmental protection.
Source : Unlocking Opportunities – Thailand China Business News