China has transformed the status of its large southern island, Hainan, separating it from mainland customs processing, allowing much freer flow of goods, visa-free access to an expanded list of countries, and other changes meant to attract foreign investment and greater opening up to the world.
Some of the specifics, drawing on Reuters and Arnaud Bertrand:
Most goods enter duty-free, and if local processing contributes to 30% value added, the resulting goods enter mainland China duty-free.
Foreign firms will be able to operate in sectors currently restricted in the mainland.
Corporate tax rates 40% below mainland rates (15% rather than 25%).
