China aims for leading free trade port system in Hainan

China aims to make the free trade port system and operational mode of Hainan “more mature” by 2035, according to a document jointly issued by the Central Committee of the Communist Party of China and the State Council unveiled on April 14.

According to the guideline, which covers supporting Hainan’s efforts to deepen reform and opening up, a free trade port system will be “basically established” in Hainan by 2025. China will also set up an investment fund to support Hainan’s development of a free trade port.

The document pointed out that a free trade port is the world’s most open form of an economic zone, which has brought prosperity to places like Singapore and Hong Kong thanks to its broad-based preferential policies on trade and investment.

China will support the “all-round participation” of foreign firms in the development of the Hainan free trade port, and multinational companies are encouraged to set up international and regional headquarters there, according to the document.

President Xi Jinping on April 13 announced a decision by the CPC Central Committee to support building Hainan into a pilot free trade zone and gradually and steadily into a free trade port with Chinese characteristics.

China welcomes investors worldwide to invest and start business in Hainan and participate in the building of a free trade port there, Xi said at a celebration marking the 30th anniversary of the establishment of Hainan province and the Hainan Special Economic Zone.