China publishes plan for Hainan free trade zone

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China rolled out a plan for building its southern island province of Hainan into a pilot free trade zone (FTZ) on Tuesday.

In developing the Hainan FTZ, a major step that demonstrates China's resolution to further open up and promote economic globalization, the island will be granted more autonomy to reform, and speed up the fostering of a law-based, international, and convenient business environment, as well as a fair, open, unified, and efficient market environment, according to the plan issued by the State Council.

Making full use of the advantages of piloting on the whole island, the plan mentioned Hainan will serve as the national ecological experimental zone, international tourism consumption center, and national major strategic service guarantee zone, being China's key gateway to the Pacific and the Indian Ocean.

Efforts will be made to pursue a more proactive strategy of opening up, accelerate the establishment of new institutions of the open economy, and make new ground in pursuing opening up on all fronts.

The plan also explicitly states that Hainan FTZ's key areas for reform will focus on its specialty industries such as tourism, information, agriculture, marine economy, and the modern service economy.

Major advances will have been made by 2020, laying solid groundwork for the building of the Hainan free trade port.

CGTN Photo

(With input from Xinhua)