PR84235

BEIJING, June 2, 2020 /Xinhua=KYODO JBN/ --

Chinese authorities on Monday released a master plan for the Hainan free trade

port, aiming to build the southern island province into a globally-influential

high-level free trade port by the middle of the century.

A free trade port system focusing on trade and investment liberalization and

facilitation will be "basically established" in Hainan by 2025 and become "more

mature" by 2035, according to the plan jointly issued by the Central Committee

of the Communist Party of China (CPC) and the State Council.

The authorities expect to make Hainan, China's largest special economic zone,

the frontline of China's integration into the global economic system, according

to the plan.

It has also been a strategic decision of the CPC central committee based on the

domestic and international situations, it said, noting that the world is facing

a new round of major development, changes and adjustment, with protectionism

and unilateralism on the rise and economic globalization facing greater

headwinds.

Building the Hainan free trade port is of vital importance for pursuing an open

economy, deepening market-based reform and improving the business environment,

as well as a strategic choice for advancing high-quality development and

concrete action to support economic globalization and building a community of

shared future for the humanity, it said.

Instead of rushing for quick results, China will advance the plan gradually.

Hainan will be given more autonomy in reform and will be encouraged to make

both the laws and the regulatory system more flexible and efficient, thus

clearing institutional obstacles hampering the flow of production factors.

The construction of the free trade port will provide support to national

strategic goals in terms of institutional innovation, growth impetus and

greater opening-up. Hainan will enhance exchanges and cooperation with

Southeast Asian countries, and promote joint development with the

Guangdong-Hong Kong-Macao Greater Bay Area.

The master plan also envisions grasping opportunities in the technological and

industrial revolution, focusing on tourism, modern services and high-tech

industries to foster new competitive edges for the island.

The rules and regulations will be made to align with international norms, while

a system for risk prevention and control will be in place, it said.

Source: The State Council of the People's Republic of China

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