China's Hainan cuts red tape to attract foreign investment

Updated 2018-01-25 15:25:00 Xinhua

Denis Koreshkov waited only one night before getting his business license in south China's Hainan Province.

The 34-year-old Russian engineer and his business partners were amazed at the administrative efficiency. The office of his company in Hainan Software Park in Chengmai County, which is undergoing fitment and equipment installation, will be put into use after Spring Festival, which falls on Feb. 16.

Koreshkov and his partners moved their computer technology company from Russia to Hainan last year and established the Hainan firm with a registered investment of 10 million U.S. dollars.

"China is a rising power in the IT industry and has a huge potential market," he said. His company has signed three cooperation projects in Hainan.

The Russian entrepreneur is among foreign investors benefiting from the favorable business environment in China.

The country has been making efforts to remove barriers to market access and requires local governments to create healthy business environment for fair competition.

To attract foreign investors, since October last year the approval of foreign enterprises in Hainan has only taken three days, compared with 18 days previously.

Hainan took the lead on online administrative approval in July 2017, enabling applicants to submit administrative approval affairs at home with a computer.

"A highly efficient government will cut the institutional and time costs for companies' development," said Wang Jing, head of the Hainan provincial government affairs service center.

"Streamlining administrative approval procedures will push the transformation of government functions and create a favorable soft environment for economic development," she said.

Wu Yusheng, founder of Tetranov International, a U.S. pharmaceutical company, also feels the benefits of such policies.

The registration and construction of his health product plant in Haikou, the provincial capital, only took five months.

"We have lots of investment projects around the world. The Hainan project is the fastest," Wu said.

To attract foreign capital, Hainan also identified 12 key industries, including tourism, Internet, medical treatment and bio-pharmaceuticals, and introduced preferential policies.

Due to the policies, the island province has become a hot spot for foreign investment.

In the past five years, 360 foreign-funded enterprises have been set up in the province, with contracted foreign capital reaching 25.4 billion U.S. dollars. In 2017, the island signed almost 40 foreign investment projects.

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58May 21 2018 20:59:36

Nicole Kidman Recalls Oscar Glory: Loneliest Time

Attending Shanghai International Film Festival, Nicole Kidman talks about her role in "Grace of Monaco".

Labor Day Travel Peak Starts
Also in the News2014/05/01 12:16May 21 2018 20:59:36

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18May 21 2018 20:59:36

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'

Hollywood star Johnny Depp's speech in the upcoming new film "Transcendence" has been disclosed on Friday, April 11th.

Most Watched

News:
China World Business Sports Showbiz Audio
Video:
C4 My Chinese Life The Sound Stage China Revealed Showbiz Video Travel Video
Photos:
China World Fun Travel Entertainment Sports
Travel:
Beijing Shanghai Guangzhou
Lifestyle:
Live Music Opera & Classical Movies Traditional Shows Exhibitions
Learn Chinese:
Chinese Studio Living Chinese Everyday Chinese Just For Fun Chinese Culture Buzzwords