China Opening-Up: Xi announces pilot free-trade zone in Hainan province

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We open with a look at China's new opening-up policies. President Xi Jinping announced Friday that a pilot free-trade zone and free trade port will be built in southern China's Hainan province. Xi's announcement came during his address at a conference marking the 30th anniversary of Hainan as one of China's Special Economic Zones.

XI JINPING CHINESE PRESIDENT "I'm announcing that the CPC Central Committee will fully support Hainan to gradually build a free trade port with Chinese characteristics. We will step by step complete a free trade system here. This is a serious and crucial decision made after careful research and planning. It also shows China's strong will to further open up and push forward globalization."

President Xi also encouraged Hainan to build international exchanges for energy, bulk commodities, equities and intellectual properties. He stressed that Hainan should continue with internal reforms while opening-up. He said that the province should make additional efforts in such fields as education, tourism, the Internet, and medical and financial services.