Free trade dividends

Wang Xiao, one of the founders of SensingX Technologies (Hainan) located in the YZBSTC, also recognized the advantages of the Hainan FTP. As early as 2021, he began participating in research and commercialization related to brain-computer interfaces here.

"Based on the policies of the Hainan FTP covering tariffs, talent and services, as well as the industry's development prospects, I concluded back then that the Hainan FTP was bound to achieve rapid growth in the future," Wang said. "Moreover, most of the preferential policies I learned about at that time have now been implemented."

Earlier this year, the Ministry of Finance and the State Taxation Administration issued a notice stating that by Dec 31, 2027, for high-end and in-demand talent working in the Hainan FTP, the portion of personal income tax exceeding 15 percent will be exempted.

"For high-end talent, the percentage of personal income tax rises as income increases. The 15 percent tax relief is therefore very attractive," Wang added.

To meet the high-throughput, low-power consumption and wireless transmission needs when developing brain-computer interfaces, SensingX has broken through multiple technical bottlenecks. At present, chips designed by the company are being tested by more than 30 downstream enterprises and more than a dozen have completed testing and placed orders.

Guo Zheshan, another co-founder of the company, said that the research, development and production of its brain-computer interface chips and equipment require importing large quantities of raw materials and high-end equipment from overseas.