31 May 2018
Planned Hainan Free Trade Zone and Free Trade Port Gain Official Assent
Plans to push ahead with the construction of the China (Hainan) Pilot Free Trade Zone and an accompanying free trade port have now been granted official approval. The proposal was endorsed on 13 May this year during the Fourth Plenary Session of the Seventh Hainan Provincial Party Committee.
The Session also saw the adoption of a number of faciliatory measures related to the project as well as the confirmation of its long-term objectives, with the highlights listed below:
- All policies currently applicable within the country’s existing pilot free trade zones will apply to the proposed Hainan development. It is anticipated that the new free trade zone will be in place by 2020, along with the necessary trade and investment facilitation measures, a legally-robust overall environment, exemplary financial services and comprehensive safety supervision.
- By drawing on the best international examples of free trade port development, it can be expected that Hainan will operate within a genuinely open economy, while also nurturing the concomitant development of its tourism, modern services and high-tech sectors. Assuming the development continues along its planned schedule, a basic free trade port system should be in place by 2025, with the system entering its fully-developed “mature” phase by 2035.
- In addition, all required measures will be taken to accelerate the development of Hainan as it evolves into one of the most significant strategic hubs of the 21st Century Maritime Silk Road and a key national gateway to the Pacific and Indian Oceans.
For further details (in Chinese), please visit the following link: