KUALA LUMPUR, June 3 -- Chinese authorities recently released a master plan for the Hainan free trade port, aiming to transform it 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 liberalisation and facilitation will be ‘basically established’ in Hainan by 2025 and become ‘more mature’ by 2035.
This is according to the plan jointly issued by the Central Committee of the Communist Party of China 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.
Hainan will be given more autonomy in reform and encouraged to make both the laws and regulatory system more flexible and efficient, thus clearing institutional obstacles hampering the flow of production factors.
Based on a statement, 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.
-- BERNAMA
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