Island's biz-friendly policies deliver critical competitive advantages

A German-funded enterprise has successfully completed its full establishment in Hainan province, leveraging the province's streamlined digital business system.

With all prepared materials submitted electronically, the approval was completed within seconds. Siemens Energy (Hainan) Co Ltd received its business license in Danzhou on Thursday following this automated procedure.

Cross-border funds are now settled in two to three hours. "Previously, receiving cross-border funds took one to two workdays. Now, through Hainan's multi-functional free trade account, it takes just two to three hours," said Chen Qiuyi, financial director of Sunrise Fuel (Hainan) Co Ltd.