What benefits will the formal implementation of China’s Hainan free trade port law brings to the import of medical devices?

On June 10, the Hainan Free Trade Port Law of the people’s Republic of China (hereinafter referred to as the Hainan Free Trade Port Law) was officially promulgated. What benefits will it bring to the import of medical devices?

The law gives Hainan legislative authority

Hainan is authorized to formulate Hainan Free Trade Port Law, which is a new legislative authorization.At the national level, the legislation for a specific region fully reflects the particularity and importance of Hainan Free Trade Port Law.

Trade / investment is committed to liberalization and facilitation，more convenient storage of imported goods

The Hainan Free Trade Port Law benchmarks international high-level economic and trade rules.In terms of trade liberalization and facilitation, the Hainan Free Trade Port Law establishes a free in and out, safe and convenient goods trade management system, implements a negative list management system for cross-border service trade, and implements a matching fund payment and transfer system.Under the premise of meeting the requirements of environmental protection and production safety, there is no storage period for import and export goods, and the storage place of goods can be freely chosen, and the flow and procedures of goods circulation can be simplified.

In terms of investment liberalization and facilitation, except for national security, social stability, ecological protection red line, major public interests and other areas where the State implements access management, Hainan Free Trade Port fully liberalizes investment access,all types of market entities enjoy equal treatment in accordance with the law.

The tax system will be simplified，some import taxes will be exempted

After closing customs, merging tax categories and simplifying taxation system in Hainan Island, Hainan Free Trade Port implements catalog management for import taxable commodities. Goods outside the catalog entering Hainan Free Trade Port will be exempted from import duties.Before it，some imported goods will be exempted from import duty, import value-added tax and consumption tax.

Promoting the integration of tourism with emerging businesses such as health care, elderly care and health preservation

In April 2018, the State Council issued the decision on suspending the implementation of the relevant provisions of the Regulations on the Supervision and Administration of Medical Devices in the International Medical Tourism Pilot Zone of Hainan Bo’ao Lecheng, which delegated the right of examination and approval of foreign advanced medical equipment import to Hainan Province.

Inspirative Medical’s Initiatives in Pilot Zone

We have established a subsidiary in Hainan and build up a team to support medical aesthetics products enter Hainan.

We maintain a long-term relationship with the local government of the Hainan Pilot Zone since 2019

We have helped several clients’ multiple products to successfully join the Fast-Track Pilot Program Real World Evidence Program in Hainan. Our efforts in Hainan will support and accelerate the national NMPA approval for our clients.

For more information on Hainan Free Trade Port Regulations,please contacat info@inspirativemed.com