Is it correct for China to set up Hainan Free Trade Port on Hainan Island?

It is correct for China to set up Hainan Free Trade Port in Hainan Island.

Hainan Free Trade Port, referred to as Hainan Free Trade Port for short, is a free trade port established by the state in Hainan Island. Hainan Free Trade Port established by China in Hainan Island is located in Hainan Province, with a total land area of 35,400 square kilometers. The free trade port will help Hainan to connect more closely with the world, be more open on the basis of the original large special zone, and further promote Hainan's development and take-off.

Free trade port is the most open port in the world today, and it is also the most open special economic functional zone in the world. To build Hainan Island Pilot Free Trade Zone, we should focus on institutional innovation, give Hainan greater autonomy in reform, support Hainan's bold attempts, bold ventures and independent reforms, and accelerate the formation of a legalized, international and convenient business environment and a fair, open, unified and efficient market environment.

Development goal of Hainan free trade port

By 2025, a free trade port policy system focusing on trade freedom and investment freedom and convenience will be initially established. The overall business environment has reached the domestic first-class level, the number of market players has increased substantially, the industrial competitiveness has been significantly improved, the risk prevention and control has been effective, the laws and regulations adapted to the construction of free trade ports have been gradually improved, and the quality and efficiency of economic development have been significantly improved.

By 2035, the system and operation mode of free trade port will be more mature, and the trade and investment rules characterized by freedom, fairness, rule of law and high-level process supervision will be basically constructed, so as to realize the safe, orderly, free and convenient trade, investment, cross-border capital flow, personnel entry and exit, transportation and data flow.

The business environment is more optimized, the laws and regulations system is more perfect, the risk prevention and control system is more rigorous, and the modern social governance pattern has basically taken shape, becoming a new highland of China's open economy.

Reference to the above content: Baidu Encyclopedia-Hainan Free Trade Port