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Ma Guangyuan: Why the Policy of Hainan's Restricted Purchases runs counter to the orientation of the free trade port?

Time: 2018-05-08         Source: Economic Perspective         Author: Ma Guangyuan

Hainan's construction of a free trade port is undoubtedly the most imaginative and gold-bearing policy in Hainan's history. After the central government announced Hainan’s policy of building a free trade port, the fastest response was undoubtedly the housing prices in Hainan and real estate policies in Hainan. About one week after the introduction of the free trade port policy, Hainan immediately issued the "Notice on Further Stabilizing the Real Estate Market", and implemented the restriction of purchase on the basis of the purchase restriction policy that Hainan has already introduced. The houses built in Wuzhishan, Baoting, Qiongzhong, and Baisha's four central ecological core cities and counties can only be sold to local households, and Haikou, Sanya, and Qionghai must provide at least one family if they purchase housing from households that are not registered as households in this province. Members have accumulated five years of personal income tax or social security payment certificate in Hainan. Hainan's global policy on restricting purchases is currently the most stringent purchase restriction policy in the country.

On the one hand, it represents the highest open-level free trade port, but on the other hand, it is the most severe restriction of the former. For such a clear-cut measure, I expressed a strong question in a television finance column. I think that Hainan is welcome. After the arrival of the most gold-rich free trade port policy in history, the most restrictive purchase policy was introduced in history. This is a far cry from the south. The severe restriction completely deviated from the "open" connotation of the free trade port, and it was equivalent to closing the door to engage in " The most open "trade port", under this "limited" policy, many open and good policies in the free trade port will certainly lose its attractiveness or be abandoned.

After the broadcast of the show, the dramatic repercussions were somewhat unexpected to me. The circle of friends was circulating this show everywhere. In my opinion, my view is very normal. I believe that in the most open place, which is called the most open, the most comprehensive purchase restriction, I think this is very fine. However, it is clear that the reason for the dramatic reaction is my attitude toward purchase restrictions. When it comes to real estate purchase restrictions, I find that even the most market-oriented scholars in many fields will show very fragmented support for purchase restrictions. In view of the capacity of television programs and the special presentation of programs, many viewpoints are not actually reflected in the programs. I think it is also necessary to explain my point of view through the article.

What is the free trade port? It is the highest level of openness in the world today. In fact, the free trade port is nothing new. There are now more than 600 free trade ports in the world, and the history of free trade ports has been over 200 years. The world-famous free trade ports include Hong Kong, New York, Singapore, Aden, Beirut, Hamburg, Panama, and Dubai. Our Hong Kong is currently the freest, most open free trade port in the world. There are more than 600 free trade ports in the world. Despite their different forms and wide openness gaps, they basically have four characteristics.

First, the scope of opening is large. Singapore, Hong Kong and Dubai all adopt free trade policies. The entire city has many functions such as re-export trade, export processing, finance, commerce, and tourism. Foreigners can freely stay and engage in related businesses, and all residents and tourists enjoy preferential tariffs. .

The second is high degree of trade freedom. In addition to fulfilling its international obligations and maintaining safety, Hong Kong does not regulate the types and prices of import and export commodities and the identity of trade entities. It imposes no tariffs on general goods and does not have active import and export quotas.

The third is a wide open field. Almost all investment fields allow private and foreign investors to participate, capital projects are fully open, international trade can be settled using any currency, and international shipping is not subject to customs restrictions.

Fourth, the level of tax burden is low. If Hong Kong does not have to pay customs duties on general cargo imports and exports, other taxes are also very low. The corporate income tax rate of the Shannon Free Trade Port is 12.5%, which is much lower than the average corporate income tax rate of the EU. All companies in Dubai’s Jebel Ali free zone are exempt from paying income tax within 50 years. Staff members in the district are exempted from personal income tax.

Looking at the positioning of Hainan from the top, it is also hoped that Hainan will build a deep-going reform and opening pilot zone, a national ecological civilization pilot zone, an international tourism and tourism center, and a national major strategic service security zone through the establishment of a free trade zone and a free trade port. Taking institutional innovation as the core and granting greater autonomy in reforms, Hainan supports Hainan's bold, bold, and self-reliant reforms, and accelerates the establishment of a legalized, international, and facilitative business environment and a fair and efficient market environment.

It can be said that the Central Government has great expectations for the establishment of a free trade port in Hainan and the formation of a new highland for China’s reform and opening up. The construction of the Hainan Free Trade Port means that China has entered a new era of reform and opening up. In my opinion, the sign of China's "Reform 1.0" era was in July 1979. The Central Government agreed to conduct export-oriented special zones in Shenzhen, Zhuhai, Shantou, and Xiamen in Fujian Province; and the "reform 2.0" era in China. The sign was that in 1991, the central government decided to develop Pudong and the Pudong New Area was established. Then in 1992, China officially established the direction of the market economy. The launch of Hainan's free trade port actually means that the advent of China's "reform 3.0" era means that China has entered the full level of opening up to the highest level of sprint at the open level. It is necessary to rush off and it is necessary to kill a bloody road. Regardless of how Hainan is positioned in the industry, what I want to emphasize is that, here, we must not lose the “open” spirit of the free trade port, and the soul is lost. The free trade port is unworthy of its name.

However, Hainan’s global limited purchase is precisely the opposite of the “open” soul of the biggest feature of the free trade port. Of course, the reasons for the restriction are also high-sounding. What can we say is that we cannot allow the free trade port policy to become a policy of “real estate speculation”, and the reason why many people support Hainan's whole country’s restriction of purchase must mention the real estate collapse in Hainan in the 1990s. . After Hainan’s real estate bubble was punctured, more than 600 buildings were left behind and 80 billion yuan was accumulated. Only four major state-owned commercial banks’ bad debts amounted to 30 billion yuan. At that time, this caused extreme financial security in China. Big impact.

However, when China's financial and real estate industries were not marketized, the land market was also chaotic. At present, China was unable to compare Hainan's financial, real estate and land systems. We have the means and methods to avoid chaos that year, and this confidence can not be absent. Hainan’s global limited purchase is precisely the most unbelieving performance. If we are in the real estate sector, we have no courage to break through, and we have no confidence in real estate development in the process of building a free trade port, let alone the rest.

Moreover, Hainan has a position to create "international tourism islands". To engage in international tourism islands under the policy of the free trade port, it is more necessary to have open policies than restrictive ones. Through the upgrading of software and hardware in Hainan, Hainan has attracted people from all over the world to leisure and vacation in Hainan and, of course, home ownership. The free trade ports that have created international tourism and consumption centers in the world have never seen such a ridiculous policy of restricting purchases or even restricting the purchase of goods. Why Dubai can build the largest free trade port in the Middle East in the desert, one reason is to attract rich people from all over the world to live in Dubai. Dubai has enhanced Dubai’s hardware construction and software environment by attracting global capital and high-end individuals. Hainan wants to build an international tourism and consumption center. Frankly, not to mention the software environment, the hardware environment and the current international tourist destination are far from one another. We need to greatly upgrade Hainan's hardware environment, and a beautiful house, a beautiful hotel, Nice playgrounds and facilities are a must. What I really don't understand is that nowadays there is a big move. Both up and down emphasize that they cannot engage in real estate. The scope of real estate is very wide. How can you not build a first-class city without engaging in real estate to upgrade the level of urban hardware? With Hainan’s own purchasing power, Hainan’s own capital can make up for this gap in Hainan. Believe it or not, I don’t believe it.

If Hainan’s house is not allowed to be bought by people outside of Hainan, I think that if Hainan engages in free trade ports first, it means that you have excluded people. Your name is International Free Trade Port. You are called International Tourism Island. You should attract a large number of people. I think it's normal to sell the house to people outside Hainan. Why do we have to limit? If there is a limit, for example, if people outside Hainan are not allowed to buy a house, what should Hainan do? How can it be possible to rely on Hainanese leisure and vacation for international tourism? Can we not ensure the stability of the real estate market in Hainan without resorting to the restriction of the whole country and can we ensure the housing of the local people? Of course, look at how Dubai does it and learn with open eyes. The high-end people in the world, the wealthy people, have their own houses in Hainan and often come to Hainan. It is a good thing or a bad thing for Hainan, and the toes can all be understood.

The essence of the free trade port lies in breaking down and removing many restrictions. Hainan Free Trade Port was the first to announce that it has immediately implemented the world’s most terrible restriction on purchases. Of the more than 600 free trade ports in the world, only Hainan has implemented a purchase restriction policy that is contrary to the open spirit of the free trade port. Actually, what I am most worried about is not the purchase restriction itself, but the restriction on the purchase of this terrible “limitation” will spread to many areas of the construction of the free trade port. There is also a limit here, and there is also a limit. In the end, the free trade port has become "Self-bounding", the essence of freedom and openness in the free trade port and the source of vitality are gone.

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