China Business Digest: Free Trade Port System Coming to Hainan; Banks Get Incentive to Aid Small Businesses

Caixin Global | Jun 2, 2020 at 3:37 PM
  • Hainan province’s free trade zone gets new favorable tax policies, while Beijing encourages banks to let virus-hit small businesses delay debt repayments.
  • Hainan will “basically establish a free trade port system by 2025 and become more mature by 2035”.
  • If a loan repayment is extended, a local bank can apply to the People’s Bank of China for an incentive equivalent to 1% of the loan principal.