On 12 March 2022, the seminar on “Rule of Law Construction for High-Standard Opening up Stress Test” was held in Haikou, which was hosted by China Institute for Reform and Development (CIRD) and organized by CIRD-Grandall Free Trade Port Legal Research Center and the Institute of Free Trade Port with Chinese Characteristics.  Experts present discussed the policy and legal needs of building headquarters bases, and the legislative tasks of the high-standard opening up stress test, and offered suggestions.

Chi Fulin (president of the CIRD and director of the Institute of Free Trade Port with Chinese Characteristics) stated that, in the next few years, the international security and economic order will undergo significant adjustments.  In this particular situation, the strategic, global and urgent importance of building a comprehensive strategic partnership between China and ASEAN is highlighted.  Hainan Free Trade Port, aiming to building an important open gateway, should focus its policies and laws on the construction of “two headquarters bases”, i.e., one for domestic enterprises to invest in and cooperate with ASEAN countries, and the other for enterprises from ASEAN countries to enter the large market in China.

Chi also suggested that, with respect to taking the advantages of Hainan Free Trade Port, the first important thing is to create the headquarters base to facilitate domestic enterprises to invest in ASEAN countries, and secondly, to gradually create a headquarters base with policy and legal environment for foreign enterprises to enter the China’s large market, in this case, it is necessary to reduce the negative list of cross-border trade in services with a focus on lowering the entry threshold for ASEAN enterprises, form policies and legal arrangements for the free and convenient flow of cross-border capital as soon as possible, and strengthen the supply of internationalized professional services such as accounting and auditing, investment consulting, and credit rating, etc.

Other participating guests, including Zhao Hong (professor of Law School of Peking University), Li Shuguang (director of the School of Law and Ecnomics of China University of Political Science and Law), He Xiaoyong (professor of the School of International Law of East China University of Political Science and Law), Li Jingyun (director of Research Office of Hainan Provincial High People’s Court), Jiang Dan (president of Hainan Mediation Association), Lin Ningbo (vice president of Hainan International Arbitration Court), Che Chengjun (professor of Tianjin University, managing director of Sanya Fenghuang Notary Office), Bai Min (president of Guizhou Provincial Lawyers Association), Huang Ningning (executive director of CIRD-Grandall Free Trade Port Legal Research Center), and Guo Wenqin (associate researcher of Hainan Free Trade Port Research Center, of CIRD) also delivered wonderful speeches during the seminar.