Chinese President Xi Jinping has announced a plan to turn the entire island of Hainan into a pilot free-trade zone. The decision was unveiled during an event marking the 30th anniversary of the establishment of Hainan Province as a special economic zone on Friday.

President Xi said a free trade port will be built in the area, in line with the development of a free trade system.

Xi said the decision shows China's determination to liberalization and globalization and he said China welcomes investors from all over the globe to do business in Hainan. The President stressed Hainan should become an example of high-quality development - including for information technology industries and modern service industries such as tourism, the internet, and exhibitions.

A pilot zone for what's referred to as an ecological civilization will also be set up on the island. Authorities will strictly enforce environmental protection rules and reforms will be made to improve people's lives. Xi said Hainan should introduce education resources from overseas. A series of reforms will be made to ensure professionals from across the world can start up businesses and gain residency on the island.