China''s Hainan Free Trade Port heralds new era of openness
As global trade faces rising tariffs and growing protectionism, China is moving in the opposite direction by opening one of its doors wider. That door is Hainan, a tropical island now being
China's Vice Premier He Lifeng called on local officials to "build Hainan Free Trade Port into a vital gateway leading China's new era of opening up to the world," during a speech at the port.
As global trade faces rising tariffs and growing protectionism, China is moving in the opposite direction by opening one of its doors wider. That door is Hainan, a tropical island now being positioned as China's most ambitious experiment in free trade and economic openness.
Chinese government on 1st June released master plan for the Hainan Free Trade Port, aiming at transforming the southern island province into a flagship of China's Opening-up and a key opening door to the world. The master plan will benchmark Hainan with some of the world's high-level free trade ports, for examples, Hong Kong, Singapore and Dubai.
China already has 22 free trade zones (FTZs), but Hainan represents a fundamentally different level of openness. Most FTZs are limited to specific urban areas and focus on upgrading local industries. Hainan has transformed an entire island into a unified free trade port, with its own customs, tax and regulatory system.
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