Boao Hope City launches institutional innovation reforms

The Hainan Free Trade Port (FTP) unveiled a plan on its first integrated system innovation reforms on Sept 1, with Boao Hope City, which is also known as Boao Lecheng International Medical and Tourism Pilot Zone, being the first park in the Hainan FTP to promote an institutional innovation reform package.

According to the reform plan, Boao Hope City will promote institutional innovation reforms in the areas of medical and health "minimal approval procedures," free and convenient trade in licensed medicines and equipment, the facilitation of foreigners' stay and residence, as well as the promotion of cross-border capital flows. Through these means, the park hopes to achieve advanced world standards in terms of medical technology, medical equipment, and medicines.

The reform measures promulgated consist of 10 parts and a total of 34 detailed rules, covering areas like free and convenient trade in licensed medicines and equipment, foreign investment, cross-border capital flow, special drug insurance, as well as innovative medical insurance payment methods.

They also include the creation of a full-process traceability platform for domestic unlisted licensed medical equipment, as well as the establishment of the only domestic centralized bonded storage for unlisted innovative drug equipment. They also cover the introduction of an innovative supervision and quarantine model, as well as a medical innovation and entrepreneurship platform. 

The plan also proposes that Boao Hope City take the lead in piloting innovative technology and financial policies, products, as well as tools in areas like artificial intelligence, big data, and cloud computing. The park will also set up a financial service center to provide cross-border capital flow services for settled enterprises and projects, as well as to support all insurance institutions in insurance product innovation.

Through the promotion of system integration reforms, the parks seeks to build itself into a world-class international medical tourism destination and a medical technology innovation platform, creating a good business environment that provides replicable experiences for the construction of the Hainan Free Trade Port.