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           Hainan Implements the System of Market Access Commitments
          Category:Legislative Updates  
          Subject:Regional economy  
          Keywords:Hainan;  market access commitments
          Publish Date:12-08-2022
          Recently, the Provisions of the Hainan Free Trade Port on Implementing the System of Market Access Commitments was adopted at the Consecutive Meeting of the People's Government of Hainan Province.
          Authorities should notify market entities at one time of all the requirements for their investment and operating activities, according to the document. The contents of a notification should be comprehensive, correct, comprehensible, and free of miscellaneous provisions and supplementary conditions for file recording. Upon receiving a written commitment and record materials handed in by a market entity, competent authorities should complete record-filing formalities on the spot and issue relevant certificates. Further, the Provisions emphasize that, in order to intensify concurrent and ex-post supervision, competent authorities should verify the content of the entity's commitments within two months from the issuing date of the record-filing certificate. Market entities without going through record-filing procedures or failing to submit materials within the agreed period should be ordered to make rectifications or imposed a penalty. Materials that can be supplemented within a certain period after the record may be submitted later with the record formalities finished first; if any crime is constituted, the entity should be subject to criminal liabilities.
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