China issues guideline on easing market access in Hainan free trade port
Updated 16:10, 09-Apr-2021

China on Thursday issued a guideline to ease market access in Hainan in its latest effort to develop the resort island into a global free trade port.

The guideline released jointly by the National Development and Reform Commission (NDRC) and the Ministry of Commerce, provides detailed measures to increase market access in the pharmaceutical and health sectors, optimize entry of financial market, protect environment, and promote more expansive entry of culture and education sectors. 

It specified support for the development of securities, insurance, as well as pension finance in Hainan and encouraged commerce insurance in medical healthcare. 

"Effective measures will be rolled out and implemented to forestall and defuse risks in fields including trade, investment, finance, data flow, ecology and public health, in a targeted manner," said Xu Shanchang, director of department of economic system reform at NDRC.

Hainan will also build and operate charging points for new energy vehicles, facilitate the online gaming industry and high-end aesthetic medicine industry, and optimize market access for the commercial aerospace industry, according to the guideline. 

With these measures, Xu said Hainan will become more accessible. 

"With its special geographical location, measures have been created to target the port's development under China's policy support," he underscored, adding that Hainan will be given more autonomy in reform to attract more investors in today's international arena.

China released a master plan for the Hainan free trade port on June 1 last year, aiming to build the province into a globally influential, high-level free trade port by the middle of the century. 

(CGTN's Wang Mengjie also contributed to the story.)

(With input from Xinhua)

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