Hainan to fully open up shipping business

The Ministry of Communications has issued a plan that highlights supporting Hainan to fully open up its international shipping business to promote the in-depth reform and opening up of the tropical island's transportation industry.

Drafted to serve the implementation of the blueprints of the central authorities to build Hainan island into a pilot free trade zone and gradually build it into a free trade port with Chinese characteristics, the plan said the current 51 percent investment limit set for international shipping agencies that register in Hainan will be canceled and foreign investors can establish companies of their own or set up joint ventures without any ceiling to run international shipping business and relevant services.

The ministry's package program includes the replication of all relevant pilot policies adopted in the country's 11 pilot free trade zones in extending the opening up of international shipping, opening up the ship registration system, preferential policies on taxation and the establishment of a shipping trade center in Hainan which will help the island explore innovative services such as shipping futures, trading of shipping price index derivatives, and create an internationally influential Belt and Road transportation price index system.