Beijing has designated Yangpu Port in Haikou, Hainan province as China's fourth free-trade port area after Yangshan Port in Shanghai, Dongjiang Port in Tianjing and Dayaowan Port in Dalian, Xinhua reported (in Chinese). Yangpu Port will enjoy preferential tax rates under its new status. Yangpu Port has close trade relations with the Association of Southeast Asian Nations (ASEAN) and abundant oil resources in nearby offshore areas. Jiang Sixian, Hainan's vice governor, said the free trade port area was important to regional economic development and national energy strategies.
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