Hainan free trade port master plan unveiled

Chinese authorities released a master plan 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.

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, according to the plan jointly issued by the Central Committee of the Communist Party of China and the State Council.

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.

President Xi Jinping has underlined the importance of high quality and high standards of construction in the Hainan free trade port. He said in an instruction that the innovation of institutional integration would be prioritized to free people’s minds to make bold innovations and ensure enduring progress.

Xi urged the local government of Hainan to act boldly and proactively to accomplish the goal of laying a solid foundation for the construction of the Hainan free trade port, while central authorities should support Hainan’s daring reforms and innovation, pushing for new achievements in the construction of the port.

According to the master plan, supporting Hainan’s construction of a free trade port system with Chinese characteristics is a significant move designed, arranged and promoted by Xi. It has also been a strategic decision of the CPC central committee based on the domestic and international situations, it said, noting that the world is facing a new round of major development, changes and adjustment, with protectionism and unilateralism on the rise and economic globalization facing greater headwinds.

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.

Instead of rushing for quick results, 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 in terms of 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-Macau 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.