Low taxes, tourism drive Hainan FTZ boom, with ambitions to replace Singapore as global trading hub
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- เผยแพร่เมื่อ 5 พ.ค. 2024
- Hainan is being transformed from one of China's poorest provinces, to a booming center for medical tourism, duty-free shopping, high-technology, and even space launches.
Hainan's corporate tax rate is one of the lowest in the world, and the entire island has been designated a free-trade zone. Post-pandemic, tourism is surging, up 50% year over year.
Resources and links:
Hainan cements status as duty-free shopping mecca
jingdaily.com/posts/hainan-ce...
2024 Hainan Travel Retail Whitepaper
kpmg.com/cn/en/home/insights/...
Hainan Free Trade Port’s New Preferential Tax Policies: How do They Apply
www.china-briefing.com/news/h... - วิทยาศาสตร์และเทคโนโลยี
Singapore has priced themselves out,it's ridiculously expensive. Most of us in ASEAN who used to visit Singapore are now abandoning it for China
yup
Hong Kong is even worse. Hospitality industry in HK is dying. 2 main reasons: exorbitant rent and notorious bad service, especially towards Mainlanders. Costs of goods and services are so high that there are more Hong Kongers going north to Shenzhen to shop and dine than Mainlanders coming south to Hong Kong to do likewise, a reversal of fortune compared to just 10 years ago.
During southern hemisphere summer holidays, I used to love stopping at Singapore on way back until 1986. I realised it is just a great big expensive concrete jungle and too densely populated too. Singapore economy will soon priced itself out & can only rely on overseas companies or expatriate. Again Singapore will emulate Europe, inundated with foreigners & true Singaporeans will leave
Less foreigners in Singapore the better!
So happy to hear the positive news about China. Thanks 👍
I live in Hainan and as a british person i find everyone super nice and curious to know/help me. Prices are good (a bit more then GZ/sZ) and the small cities around the coast are briliant! especially water sports are good...surfing, if you like you can find plenty of spots here. The infrastructure/trains/roads its quite busy during major holidays but the rest of the year its super nice! Looking forward what 2025 will bring!
It is just a different level of strategic thinking and societal organizing in China. Rise to its own challenges!!! Amazing!! And thank you for your consistently thought provoking podcasts!
It is just amazing that a country can set such a goal and execute its plan. It is like anything can be reached in 10 years, it is not hard for China. In US, we can spend 10 years to debate on it, another 10 years trying to finance it, and another 10 years to cancel it for cost overrun by 3x (e.g. high speed rail in California).
In the US you have to add another 10 years to sabotage the plan...
I heard it as youth.isee trains go by not change as old man.
It's not even good debates. Most of the debates are muddied by superficial issues. None of people or the politicians are willing or even capable of debating any problem to its underlying cause and understand its core. That's probably because most problems in the US and the west in general have their core issue in capitalism itself. Any debate that will closely examine any western issue honestly, courageously, with integrity will almost inevitably lead to pointing the fingers at the western core ideologies and system, that is the (neo)liberal capitalist bourgeois "democracy". Basically, the rich capitalists want everything to themselves, and they control the political establishment, the media and even the educational institutes that shape these debates. No way they will allow such conversation to take place.
The only platform where people are shouting out these core issues is really tiktok and the Gen Z and millennials are beginning to wake up to concepts like class consciousness and class struggles, even socialism and Marxism and worst, western imperialism. It is scaring the bejeezus out of the rich people in power and the political establishment. That's the main reason why tiktok is getting banned.
And the debate turn into gay right or abortion issues....and the thieves run away with the funding...
@@gelinrefiraI do not see China as a pure socialist country. Socialism sprinkled with capitalism is working well for China.
Hainan was featured in Korean mainstream news today, as Chinese now are queuing to buy luxury products here which is detrimental to Korean duty free stores
I'm going to Hainan to see the rocket launches. Exciting!
If i'm not mistaken, the Hainan Island duty free zone began as an experiment. Now the scheme is so successful that the Chinese government is turning the island into a free trade zone. If successful, it'll probably be the largest in the world.
Hainan is one place I'd like to visit.
Highly recommend Sanya, the luxury hotels along Haitang Bay are amazing and for a fraction of the cost anywhere else in the world.
I have a western friend who has lived in Hainan for the last 20 years and works on and off with the local govt. She said unfortunately the local immigration official has been working against the central govt and does not implement policies friendly to foreigners who want to live and do business in Hainan. An example is only renewing work visas for 6 or 12 months at a time for foreigners who have moved their whole family to Hainan. Another example is refusing to give permanent residency to foreigners who meet the official criteria (unless they happen to be married to a Chinese national and have small children). This makes Hainan quite unattractive for expats to settle in.
Welcome to Hainan !!!
''Medical tourism'', i would go there for sure if its cheap and high quality care.
Good idea!
Hainan is just a little smaller than taiwan.
Went to Hainan during the tomb sweeping festival in China. Went to Atlantis Hotel (7 stars) to check out what's like. The check in line was long and the place was buzzing.
Went to the world's largest duty free mall also. People were enjoying their shopping there for luxury good. But there's a cap on how many designer's bags you can buy per customer, and a total limit of RMB 100,000 that's duty free.
yea, the Atlantis has a huge water park! Ive been there and its super cheap for the luxury it offers.
I like Haikou, still a small city in Hainan but clean and organized. Better weather than Singapore. Lots of potential.
Always good to see development via lower taxes and a free trade zone
This channel is soooo informative
Lowering transaction cost is always an effective and efficient means to bring about business success.
It will be called overcapacity lol
be good
I hope it's not developed too much. There needs a balance between development and nature. Afterall, the island is small.
❤❤Kevin, thanks for the links..🙏
Love your videos Kevin.
You rock
Way to go for China.
I wish Hainan all the best in their endeavors but to supplant Singapore is a no no as I was born there and have very fond memories of.
Hainan fascinating tropical destination 👍❤️🇨🇳
中国加油！
Go China !
Hainan : HAWAII OF ASIA ❤🎉 💃🕺💞💖
Pls stop to hve any inkling to USA at all
Free hawaii
What brands are there? I've always wanted a patek philippe calatrava watch, a giogio armani soho suit, took a look in shanghai where I currently live, too expensive, import duty is at least 17% I think.
Who are you trying to fool??
If you can afford those items then you can go there yourself, even if it's for just a day to see for yourself.
@@georgewilder7423 If I don't go there myself that means I can't afford? Ok, another blacklisted location filled with moron it seems.
What happened to that lovely planned floral condo development on Hainan ? Was it completed or demolished?
China's development of hainan started in the mid 1980's. The plan hasn't been entirely successful except making it a resort island. Today China is making hainan a combination of Florida, Singapore, Thailand and Hong Kong.
So you say Hainan isn't entirely successful.
Can you tell us in which way?
I've only heard good things about it... including their Hainan chicken dish....😂
💝💝💝
Hainan is turning into a tax haven like hk, burmuda, panama, singapore, switzeland etc but don't avoid paying tax or you be punished heavily like in singapore if caught.
It's interesting how China allocates a key focus in industry for each city and province so they can hone their particular skills and provincial economy. 😂😂😂😂
Hainan 👍
If there are casinos in Hainan, not only Singapore and HK, Macau and countries will be affected
I wonder if you can get Hainanese Chicken Rice there? In Singapore you can.
Enjoy Singapore while you can. Good to be progressive, clean & no corruption. But high cost of living will drown you
Surface of the sun, very good 😂
From 3rd to 1st and back to a fishing village, Singaporeans must start singing belakang pusing singapura!
The paradise of China in more ways than one. Medical tourism, what a brilliant idea. I hope China can develop the island without ruining its natural beauty. It would be ashamed if they allow the island to turn into a mega metropolis like Hong Kong or Singapore.
Preserve the island’s natural beauty. China should turn the island into a national park instead.
You mean like here in NZ were we have a lot of national parks but are broke??🙄
Like the surface of sun. Haha
Quality of local people not good? I think you
👍👍🇧🇷🇷🇺🇮🇳🇨🇳🇿🇦➕️👍👍👏👏
Sanya city of Hainan, is commonly regarded as China’s Hawaii. The island itself is very large, slightly smaller than Taiwan. A paradise for mainlanders.
Hainan should engage our OP as a tourism ambassador.
That’s not going to happen though 😂 Hainan doesn’t have the international financial infrastructure
Goodbye Hong Kong
A Soft Coup by Chinese in South China Sea geopolitics ! :)
Coup? Wtf? That's a Cia specialty
Not very optimistic about Hainan, due to the quality of local people. Shanghai/ShenZhen are different and they are more educated and have great work ethics. Unfortunately, not Hainan. It had special/favored government policy before, but was never quite successful in developing economically.
What do you mean by this statement? Hainanese descendants in South East Asia are the most hardworking people I know and are successful in their own rights. In the past, Hainan was not prioritized in China economic development plans unlike Shanghai and Shenzen but not now. So better not be a doomsayer too soon ya. This is the next fishing village which will rise up in the near future!
you do know that people can move there, don't you? People always move to places where there are oppurtunities. probably all major cities by now have the majority of their population from the outisde, the natives are the minority.
@@rap3208 There are reasons that talented people don't want to move there. Instead many people from northeastern area of China went and they brought business practice into disrepute. Tourists often got ripped off from restaurants opened by those people.
@@itsme-nt6yu Oppurtunities dictates where people go. las vegas was a desert in the middle of the desert. people flocked there, at last count it had a more than 2 million population. OPPORTUNITIES!!!
@@rap3208 Las Vegas is a tourist city with casinos and prostitution business 😀. (China has Macao). It is no way to compare with silicon valley (or Shenzhen). In early year of Hainan opening in 1980's, local people took advantage of the favored policy and started with car smuggling business and was soon cracked down. You may ask any graduates from QingHua university. They won't move to Hainan. In early, graduates would love to move to Shenzhen (a fishing village then)
" like been on the surface of the sun"couldnt stop RFLOL😂
Always good to see development via lower taxes and a free trade zone