Smart manufacturing + Hainan Free Trade Port + Battery storage
The additional battery storage will help resolve intermittency issues associated with wind and solar power, which has caused low utilization rates despite their large capacity.
On 10 June 2021, the 29th meeting of the Standing Committee of the 13th National People's Congress passed the Hainan Free Trade Port Law of the People's Republic of China, which determined to establish and improve the Hainan Free Trade Port customs supervision special zone system with closed-off customs operations on the entire island.
The advantages for foreign firms are clear. The Hainan FTP combines zero-tariff treatment for most imports with free circulation of goods on the island, slashing logistics and transaction costs.
On 5 January 2024, the inspection area for railway freight trains at Huairou South railway station —the first railway customs clearance project of the Hainan Free Trade Port, built by the China Railway 25th Bureau Group—was completed.
The "Notice on Preferential Corporate Income Tax Policies for Hainan Free Trade Port" proposed that enterprises in encouraged industries registered and operated in Hainan Free Trade Port shall be subject to a reduced corporate income tax rate of 15%.
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