China’s strategy to transform the southern island province of Hainan into a world-class free trade port (FTP) got a boost on Monday when the government released a master plan to develop the region over the next 15 years and make it an “internationally influential, high-level” port by 2050, reported Caixin.
The blueprint lists 60key measuresincluding market-opening measures, tax breaks and softer regulations that will make foreign trade and investment easier, boost the island’s position as a transport and logistics hub, and attract a range of industries such as financial services, technology, education, and medical tourism as well as shipping and logistics.
The aim is to turn the province into China’s largest special economic zone and the “frontline” of the country’s integration into the global economic system, according to the plan, which was jointly issued by the Communist Party Central Commission and the State Council and reported by the official Xinhua News Agency.
In a sign of the political and strategic importance of the FTP, Xi issued an official instruction accompanying the master plan, in which he said that building the Hainan FTP “is a matter of great importance in the progress of China’s reform and opening up in the new era.” He urged the Hainan government 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.”
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