After the promulgation of the Hainan Free Trade Port Law in June this year, Hainan has strengthened the legislation of supporting regulations and promoted the construction of a legal system of free trade port with Chinese characteristics. Recently, a number of laws and regulations such as the regulations on intellectual property protection, the regulations on enterprise bankruptcy procedures, the regulations on the cancellation of market subjects, the regulations on Expropriation and requisition, some provisions on the construction and management of secure housing, some provisions on the disposal of idle land and some provisions on the punishment of dishonesty in duty-free shopping of Hainan free trade port have been deliberated and adopted, and will be officially implemented at the beginning of next year. Hainan is stepping up the use of the special legislative authorization of Hainan free trade port to implement the requirements of “establishing a policy and system system suitable for a high-level free trade port”, so as to provide legal guarantee for system innovation and rule docking. The following points deserve attention:
First, these regulations operationalize the important principles and requirements of the Hainan free trade port law, and improve the legal system of the free trade port step by step and stage by stage. For example, the regulations on enterprise bankruptcy procedures of Hainan free trade port and the regulations on the cancellation of market entities of Hainan free trade port are the implementation and refinement of the provisions on establishing the cancellation convenience of market entities and optimizing bankruptcy procedures in Article 21 of Hainan free trade port law; The regulations on intellectual property protection of Hainan free trade port is the implementation and refinement of Article 23 of Hainan Free Trade Port Law on the protection of intellectual property rights of various subjects in the free trade port; Several provisions on the opening up and innovation of science and technology in Hainan free trade port are the implementation and refinement of the provisions on the establishment of scientific and technological innovation management system in Article 41 of Hainan free trade port law. Through the introduction of supporting laws and regulations such as intellectual property rights, withdrawal of market subjects, land acquisition and scientific and technological innovation, the Hainan free trade port law will be transformed into specific institutional measures that can be operated, implemented and effective, so as to ensure that major reforms have a basis in the law and provide a good guarantee for the rule of law after customs closure.
Second, this batch of regulations reflects the characteristics of legislative innovation based on the legislative experience of international free trade port and the characteristics of Hainan free trade port. First, pay attention to learning from international prevailing regulations and benchmarking international high-level economic and trade rules. The regulations on intellectual property protection of Hainan free trade port targets the international high-level intellectual property protection rules and China’s advanced experience, strengthens the protection of well-known trademarks, implements cross category protection rules for unregistered well-known trademarks, targets the Sino US economic and trade agreement and the China EU investment agreement, innovates the supervision mode of trade secrets Implement a more open and free trade policy in the field of trademark protection; The regulations on Expropriation and requisition of Hainan free trade port draws lessons from the legislation of Singapore, Hong Kong and other free trade ports, and incorporates some international general provisions on Expropriation and requisition. Second, focus on legislative innovation in combination with the characteristics of Hainan free trade port. For example, the regulations on intellectual property protection of Hainan free trade port makes forward-looking provisions on expanding the scope and links of protection of new plant variety rights, setting an innovation path for the construction of Hainan International Intellectual Property Exchange, and setting an innovation path for the construction of Sanya yazhouwan science and technology city; The regulations on Expropriation and requisition of Hainan free trade port expands the scope of idle land identified by state-owned construction land, adopts the step proportion of land idle fee, and refines the starting point and upper limit of land idle fee, which are all national initiatives; The regulations on enterprise bankruptcy procedure of Hainan free trade port promotes system integration and innovation around optimizing bankruptcy procedure and protecting legitimate rights and interests, which reflects the “bold trial, bold breakthrough and independent reform” of Hainan free trade port legislation.
Third, the promulgation of these regulations not only provides opportunities for business development of financial institutions, but also puts forward new requirements. First, most of these Regulations are aimed at improving the business environment. Issuing management authority to the park, protecting intellectual property rights, encouraging scientific and technological innovation and clarifying market exit will attract more market subjects and bring more new customers to financial institutions. Second, some laws and regulations clearly encourage financial innovation. For example, the regulations on intellectual property protection of Hainan free trade port clearly “support financial institutions to innovate financial service modes such as intellectual property pledge financing, financial leasing and trust, improve intellectual property financing risk control and pledge property disposal mechanism, and build a diversified financing mode of intellectual property”, “Encourage and support insurance institutions to carry out overseas intellectual property infringement liability insurance, patent execution insurance, patent infringement loss insurance and other insurance businesses”; The regulations on enterprise bankruptcy procedure of Hainan free trade port clearly stipulates that “financial institutions should strengthen their support for debtor reorganization”; Financial institutions should respond quickly, accelerate business innovation and actively expand new business opportunities. Third, some laws and regulations require that the cross-border capital flow management system be improved as soon as possible. The regulations on intellectual property protection of Hainan free trade port puts forward that “the foreign exchange management department shall, together with the specific intellectual property management department, implement the foreign exchange liberalization and facilitation policies for cross-border intellectual property trade and investment and financing business”. The regulations on scientific and technological opening and innovation of Hainan free trade port requires the establishment of a management mechanism for cross-border use of financial scientific research funds. All these require accelerating the implementation process of the policy of free and convenient cross-border capital flow.
Fourth, we should continue to speed up the legislation of the free trade port and create a high-level open stress test area for the rules and systems. On November 4, Xi Jinping the president pointed out in the keynote speech at the opening ceremony of the fourth China International Fair that “China will do a high-level opening pressure test in the pilot free trade zone and Hainan free trade port”. On December 10, Han Zhengzheng, member of the Standing Committee of the Political Bureau of the CPC Central Committee and vice premier of the State Council, pointed out at the plenary meeting of the leading group for comprehensively deepening reform and opening up in Hainan that “we should firmly grasp the fundamental focus of system integration innovation” and “we should start to carry out high-level opening-up stress test to explore trade and investment liberalization and facilitation rules with greater efforts”. From the background of opening to the outside world, RCEP will soon take effect, China applies to join the cptpp and depa (digital economy partnership agreement) ）This requires Hainan free trade port to play the role of an important intersection of double circulation, make greater efforts and progress in system innovation and rule docking, and provide more practical experience. From the perspective of legislative content promotion, the legislative process in important areas such as trade and investment liberalization and facilitation, cross-border capital flow and international maritime rules of procedure needs to be accelerated.
