Hainan FTP boosts film industry

As the 4th Hainan Island International Film Festival (HIIFF) kicked off in Sanya, a resort city in Hainan province, the event's first forum, which focused on how the development of the Hainan Free Trade Port boosts the film industry, was held on Dec 18.

China's master plan for the Hainan FTP, which was issued in June 2020, includes a great number of preferential policies, such as the 15 percent cap on the individual income tax rate for high-end talents and the 30 percent value-added processing threshold. Thanks to these policies, the number of registered film companies and approved film projects on the island is rising rapidly.

At the forum, Fu Ruoqing, chairman of the China Film Group, said that Hainan should make the most of preferential FTP policies in regards to flow of goods, capital and talents, which give Hainan an edge over other places in the development of the local film industry.

According to Yu Dong, vice president of the China Film Association and chairman of Bona Film Group, Hainan should bring more talents to work in the film industry while also developing the local tourism market. Talents should come not only from the Chinese mainland and the Guangdong-Hong Kong-Macao Greater Bay Area, but also from Southeast Asia and the rest of the world.

"Opening-up is key for the development of the Hainan FTP, which also boosts the prosperity of filmmaking as a cultural art. Many of the FTP policies are innovative nationwide and favorable for the film industry," said a representative of Wanda Pictures (Hainan).