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Ma Guangyuan: Why does Hainan's purchase restriction policy run counter to the positioning of the Free Trade Port?

Time: 2018-05-08         Source: Looking at the economy from afar         Author: Ma Guangyuan

Hainan Construction Free Trade Port is undoubtedly the most imaginative and gold-rich 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 the real estate policy in Hainan. A week after the introduction of the Free Trade Port Policy, Hainan immediately issued the "Notice on Further Stabilizing the Real Estate Market", and implemented a global purchase restriction on the basis of the purchase restriction policy already issued by Hainan. The housing built by the four central ecological core areas of Wuzhishan, Baoting, Qiongzhong and Baisha can only be sold to local residents, while Haikou, Sanya and Qionghai are not required to provide at least one family. Members have accumulated a five-year personal income tax or social insurance payment certificate in Hainan. Hainan's global purchase restriction policy is currently the most stringent purchase restriction policy in the country.

On the one hand, it is the free trade port that represents the highest level of openness, on the other hand, it is the most severe purchase restriction of the unprecedented people. For such obvious contrast measures, I expressed strong doubts in a certain TV financial column. I think Hainan is welcoming. After coming to the most gold-rich free trade port policy in history, the most restrictive purchase restriction policy in history was introduced. This is a straitjacket in the past. The strict restriction on purchases completely deviates from the "open" connotation of the free trade port, which is equivalent to closing the door to engage in " The most open "trade port", under this "limited" policy, many open and good policies of the Free Trade Port will certainly lose its appeal or be abandoned.

After the show aired, the dramatic reaction was a bit unexpected. My friends circled this program. In my opinion, my view is very normal. I am doing the most rigorous comprehensive purchase restriction in a place that is said to be the most open. I think this is very accurate. However, it is clear that the reason for the repercussions is my attitude towards the purchase restriction. When it comes to real estate purchase restrictions, I find that even the most market-oriented scholars in many fields will show a very split side to support the purchase restriction. In view of the capacity of TV programs and the special presentation of programs, many opinions are not logically reflected in the program. I feel that it is necessary to explain my point of view through the article.

What is the Free Trade Port, the highest level of openness in the world today. The Free Trade Port is not really a new thing. There are more than 600 free trade ports around the world. The history of the Free Trade Port has been more than 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 and most open free trade port in the world. More than 600 free trade ports around the world, although in different forms, have a relatively large gap in openness, but basically have four characteristics.

First, the scope of the opening is large. Singapore, Hong Kong and Dubai all implement free trade policies. The whole city has multiple functions of entrepot trade, export processing, finance, commerce, tourism, etc. Foreign investors can freely reside and engage in related businesses. All residents and passengers enjoy preferential tariffs. .

Second, the degree of freedom of trade is high. In addition to fulfilling its international obligations and maintaining security, Hong Kong does not regulate the types, prices, and trade entities of import and export commodities. It does not impose tariffs on general commodities and has no active import and export quotas.

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

Fourth, the tax burden is low. If there is no tariff on the import and export of general goods in Hong Kong, other taxes are also low. The Shannon Free Trade Port has a corporate income tax rate of 12.5%, which is much lower than the EU's average corporate income tax rate. All enterprises in the Dubai Jebel Ali Free Zone are exempt from income tax within 50 years, and the regional staff are exempt from personal income tax.

From the perspective of the high-level positioning of Hainan, it is also hoped that Hainan will build a comprehensive deepening reform and opening-up pilot zone, a national ecological civilization pilot zone, an international tourism consumption center, and a national major strategic service support zone through the construction of a free trade zone and a free trade port. With institutional innovation as the core, it will give greater reform autonomy, support Hainan's bold test, boldness, and independent reform, and accelerate the formation of a rule of law, internationalization, and facilitation of the business environment and a fair and unified market environment.

It can be said that the central government has a great expectation for Hainan to build a free trade port and form a new highland for China's reform and opening up. The construction of Hainan Free Trade Port means that China's reform and opening up has entered a new era. In my opinion, the symbol of China's "Reform 1.0" era is that in July 1979, the central government agreed to pilot export SARs in Shenzhen, Zhuhai, Shantou and Xiamen in Fujian Province; and China's "Reform 2.0" era The sign was that in 1991, the central government decided to develop Pudong, the Pudong New Area was established, and in 1992, China officially established the direction of the market economy. The launch of Hainan’s free trade port actually means the arrival of China’s “Reform 3.0” era, which means that China’s entry into the full-scale sprint of full openness at the open level is to rush off, and it is necessary to kill a bloody road. Regardless of how Hainan is positioned in the industry, I would like to emphasize that here, we must not lose the "open" soul of the Free Trade Port, and lose the soul. The Free Trade Port is not worthy of its name.

Hainan’s global purchase restriction is exactly the opposite of the “open” soul of the largest port of the Free Trade Port. Of course, the reason for the restriction is also high-sounding. What can be said is that the policy of the Free Trade Port cannot be turned into a "real estate speculation" policy. Many people support Hainan's global purchase restriction. They must mention the real estate collapse in Hainan in the 1990s. . After the Hainan real estate bubble was punctured, more than 600 “unfinished buildings” and 80 billion yuan of backlogs were left. The bad debts of the four major state-owned commercial banks were as high as 30 billion yuan. At that time, this caused extreme Big impact.

However, when China's finance and real estate did not achieve marketization, the land market was also in chaos. The speculation of flats and speculation was very popular. At present, China's finance, real estate, land system and other aspects were not comparable to Hainan at that time. We have the means and the means to avoid the chaos of the year, and this confidence cannot be impossible. Hainan's global purchase restriction is precisely the most unconfident performance. If we do not have a little courage to break through in the real estate field, we are not confident that we will do a good job in building a free trade port.

Moreover, Hainan has a positioning to create an "international tourism island". Under the policy of the free trade port, an international tourism island is needed. More important is an open policy rather than a restrictive policy. Through Hainan's upgrade in hardware and software, it attracts people from all over the world to Hainan for leisure, vacation, and of course, home ownership. Everywhere in the world, the free trade port that builds an international tourism consumption center has never seen the implementation of restrictions on purchases, or even the global restrictions on such ridiculous policies. One of the reasons why Dubai can build the largest free trade port in the Middle East in the desert is to attract wealthy 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 people. Hainan wants to build an international tourism consumption center. Frankly speaking, don't say that the software environment and the hardware environment are far from the similar international tourist destinations. We need to upgrade Hainan's hardware environment greatly, and beautiful houses and beautiful hotels. Beautiful playgrounds and facilities are a must. What I don't particularly understand is that now I am engaged in a big move, and I emphasize that I can't engage in real estate. The scope of real estate is very wide. How can you build a first-class city without raising real estate hardware by real estate? By relying on Hainan's own purchasing power, Hainan's own capital can make up for Hainan's gap in this respect? Believe it or not, I really don't believe it.

If the house in Hainan does not allow people outside Hainan to buy it, I think Hainan’s first free trade port is equivalent to excluding people. You are called the International Free Trade Port. You are called the International Tourism Island. You should attract a large number of people. I think it is completely normal to sell the house to people outside Hainan. Why are we limited? If there is a limit, for example, let people outside Hainan buy a house, what does Hainan do? How to make a leisure vacation for international tourism, relying on Hainan people for their own leisure vacation? We can't ensure the stability of Hainan's real estate market without the means of global purchase restriction. Can we ensure the housing of local people? Of course, let's see how Dubai is doing, and open-minded learning. The world's high-end people, wealthy people, have their own houses in Hainan, often come to Hainan, is a good thing for Hainan, or a bad thing, the toes can understand.

The essence of the Free Trade Port is to break and cancel many restrictions. Hainan Free Trade Port is an announcement that it has immediately implemented the most impressive global purchase restriction policy. Among 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. In fact, what I am most worried about is not the purchase restriction itself, but the restriction of this terrible "limitation" will spread to many areas of the construction of the free trade port. Here too, there is a limit, and at the end, the free trade port has become "Self-limited port", the essence of the free and open port of the Free Trade Port and the source of vitality are gone.

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