China releases master plan for Hainan free trade port
Chinese authorities have released a master plan ( June 2020) for the Hainan free trade port, aiming to build the southern island province into a globally-influential high-level free trade port by the middle of the century.
According to the plan jointly issued by the Central Committee of the Communist Party of China (CPC) and the State Council, a free trade port system focusing on trade and investment liberalization and facilitation will be “basically established” in Hainan by 2025 and become “more mature” by 2035.
The authorities expect to make Hainan, China’s largest special economic zone, the frontline of China’s integration into the global economic system, according to the plan. Building the Hainan free trade port is of vital importance for pursuing an open economy, deepening market-based reform and improving the business environment, as well as a strategic choice for advancing high-quality development and concrete action to support economic globalization and building a community of shared future for the humanity, it said.
China will advance the plan gradually. Hainan will be given more autonomy in reform and will be encouraged to make both the laws and the regulatory system more flexible and efficient, thus clearing institutional obstacles hampering the flow of production factors.
The construction of the free trade port will provide support to national strategic goals such as institutional innovation, growth impetus and greater opening-up. Hainan will enhance exchanges and cooperation with Southeast Asian countries, and promote joint development with the Guangdong-Hong Kong-Macao Greater Bay Area.
The master plan also envisions grasping opportunities in the technological and industrial revolution, focusing on tourism, modern services and high-tech industries to provide new competitive edges for the island.