Hainan is hot news again. About two weeks ago, President Xi Jinping unveiled China's plan to build the entire island into a pilot international free trade zone. He announced the plan at a conference marking the 30th anniversary of the establishment of the Hainan special economic zone as well as the opening-up policy for Haikou, the capital.  

It is great news for the ten million residents of Hainan. It is even better news for outsiders who have also called Hainan home for the last 20 years and whose numbers might be even larger than the locals. Since Hainan’s economic takeoff, many people from the mainland, especially northeastern China, have established a second home on the island to avoid the harsh winter in the north. Today, these people have probably experienced a tripling of their investment in Hainan with their original home in the north increasingly being seen as their second home. 

I take my hat to them for their vision and investment wisdom. Immediately after Xi’s announcement, it was reported that all real estate developers had halted sales activities. Apparently, a major property price increase is in order, just like what has happened to the Shanghai free-trade zone announcement several years ago. 

The central government later issued a laundry list of areas it envisions for Hainan's development. But in my opinion, the vision for Hainan can be expressed in a much simpler way that, I think, is totally in line with the government’s vision. That is, Hainan needs to be developed into a combination of Dubai, Florida and Singapore. 

Dubai, the largest city in the United Arab Emirates (UAE), is the world’s shopping paradise. The Dubai International Airport is more of a shopping mall than an airport. I have never seen a larger shopping mall than Dubai International, given my extensive travel experiences around the world. I would even venture to say that UAE’s economic development largely hinges upon this great airport and the great Emirates Airlines that is based there. The low taxes and the exotic geography attract tourists from all over the world, including many Chinese. 

Dubai is undoubtedly one aspect that I think Hainan should model itself after. In that regard, the island currently fails miserably. Memories of the horrible airport congestion and the sky-high airfares during the last Spring Festival will linger for a long time for a lot of people who want to spend a few good days and a few good RMBs there. The airport and the airlines, especially Hainan Airlines, need to step up. We have been talking about the Belt and Road initiative for a long time. How about building some more belts and roads to Hainan first? 

Florida is the place for America’s second homes. Well, I confess I used to own a house at the northern tip of the Sun Coast Highway near Tampa, Florida, where I used to take the kids for a few vacation days. In China, our answer is Hainan. For a place like this, you not only want to have people to visit and go shopping, you want them to stay, to relax and to call it home. Along with the real estate, you also need those facilities to make people feel at home. There have been numerous reports of local restaurants trying to rip off tourists. The government needs to step in to root out those activities of economic hooliganism. 

Other than restaurants, I recommend the building of a theme park for kids, maybe Disney. Or something indigenous just in case there is another Section 301 investigation from the USTR (US Trade Representative). 

The reason I mentioned Singapore is because I think tourism and retirement alone are not going to cut it. Hainan also needs a thriving, reasonably high enough high-tech industry. That means elevation of the level of  Hainan University. That also means attracting talents and investments to Hainan from the mainland. 

But then what are Hainan’s competitive advantages in enticing others? Well, maybe the weather, maybe the beaches, or maybe the wonderful ladies on the island.  

(John Gong is a research fellow at Charhar Institute and a professor at the University of International Business and Economics. The article reflects the author's opinion, and not necessarily the views of CGTN.)