The recently passed Hainan Free Trade Port (FTP) law will provide a stable and predictable business environment for foreign investors and promote free trade and investment, the governor of south China's Hainan Province said at a press conference in Beijing on Monday. 

"Talking to some foreign investors and entrepreneurs, I found what they care about most is the stability of policies. I think passing the law is the best way to provide a stable and predictable business environment," said Feng Fei, Hainan's governor. 

China passed the Hainan FTP law on June 10 to strengthen Hainan's role in promoting trade, finance and logistics. The move demonstrated the country's determination to further open up the economy and facilitate economic globalization. 

"It will help us ensure that the Hainan FTP is run in accordance with laws and regulations, creating an international standard and convenient business environment," said Wang Chaoying, a member of the Standing Committee of the National People's Congress. 

Feng said the law will also facilitate business approval procedures and provide the legal underpinning for the province's friendly tariff policies – including zero tariffs and low tariffs – to create many new opportunities for foreign investors.

The governor said that the law also provides guidance and legal protection in constructing the free trade port. Meanwhile, the province has established an intellectual property rights court and an international arbitration court.

Located in tropical southern China, Hainan Province is the second-largest island of the country, just after Taiwan. The country aims to transform Hainan into a globally influential and high-level free trade port by the middle of this century.