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Hainan is open for (high class) business

A cruise ship sits in front Phoenix Island in Sanya City, Hainan

SUMMARY

As of May 30, Hainan Province, China, also known as “Hawaii of the East,” is quickly becoming one of the world’s most luxurious holiday destinations. On May 1, Beijing enacted a new policy granting vacationers from abroad (including the United States) 30-day visa-free visits, just one of several new programs put in place by Beijing since April to attract foreign visitors. In April, Chinese President Xi Jinping committed to making the island a “pilot zone for reform” by 2020. In mid-May, China released a list of people and corporations it hopes will bring their investments to Hainan, including American businessman Warren Buffett, US media conglomerate Time Warner, and South Korean phone maker Samsung. Their goal is to turn the quiet beach into one of the most significant free-trade zones in the world by asking individuals or organizations on the list to set up headquarters or industrial parks on the island. Some additional incentives for travelers include more relaxed government policies, a plethora of hotels, subsidized housing, and possible legalization of gambling on the horizon.

 

FAO GLOBAL ASSESSMENT

China’s announced pro-tourism policies  in Hainan is potentially a great opportunity for firms specializing in healthcare, tourism, and maritime activities o take advantage of the new legislation and put down roots in China. The Chinese government has made it clear that western influencers will be welcome with their list of ideal investors — making Hainan a solid window of entry for companies looking to enter the Chinese market. Investors should keep in mind, however, that Chinese regulations can change quickly and unexpectedly, making a focus on new legislation a must for any firm expanding their business to China.

Related Links

  1. Skift — China Aims to Attract More Luxury Travelers to Hainan
  2. South China Morning Post — China’s Hainan wants big names like Warren Buffett to come and invest
  3. South China Morning Post — ‘China’s Hawaii’ looking for 1 million new residents, more than the population of Stockholm
  4. Reuters — China’s Hainan offers more countries visa-free access

Analyst Bio

Adriana Ray - Asia Policy Analyst

Adriana Ray is an Asia Policy Analyst at FAO Global where she researches and writes on Economic, Security, and Political issues in the region. Adriana speaks Mandarin Chinese and is very active in policy research and analysis. Adriana is currently a graduate student at Georgetown University’s School of Foreign Service where she is pursuing a Masters in International Security. She is also an alum of Tsinghua University and Furman University.

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