China unveils free trade port master plan

Authorities in China have 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, said Xinhua, China’s official press agency.

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.

Building the Hainan free trade port is of vital importance for pursuing an open economy, deepening market-based reform and improving the business environment, said the plan.

Hainan will enhance exchanges and cooperation with Southeast Asian countries, and promote joint development with the Guangdong-Hong Kong-Macao Greater Bay Area.

To enable the free flow of trade, the island province will introduce measures including zero tariffs for the trade of goods, low tax rates, simplified taxation system.

China will support development of the digital economy in the free trade port and encourage the application of blockchain and other technologies in the modernisation of China’s system and capacity for governance.