Following thestrategy adopted to transform
Hainan province to become
the hub of China's yachting industry,
starting next week, officials are opening up
waters near eight of its coastal areas, including Boao and Nanshan , to be open to foreign-flagged yachts
foreign flags.
True,
it's a temporary move: it won't be possible to exercise
This right can only be exercised from July 16, 2019
until January 15, 2020.
Hainan thus becomes the first
administrative unit of China,
where, albeit for a relatively short time,
for a relatively short time.
The Cabinet of the
of the provincial government has passed a corresponding
Province's Cabinet has passed a resolution to that effect, with the approval, and even under the
under pressure from China's central authorities, who firmly believe that, ultimately, by 2035, these islands will be the epicenter of the country's yachting life.
2035, these islands will become the epicenter of the country's yachting life.
The next step toward that goal is promised to be relaxation of the offshore tax-free regime. on offshore duty-free trade and the promotion of cross-border cruise tourism.
Experts note that the yachting market in China is very specific and small. This is largely due to the policy of the communist Xi Jinping's Communist government's policy condemnation of the public display wealth. Owning a superyacht in the Middle Kingdom is extremely difficult and unprofitable, given the biting size of the import duty (44%) and sales tax (36.5%).
