Home  >  Business   >   Building FTZ and Free Trade Port
Building FTZ and Free Trade Port

What does the future hold for China's free trade port?

CGTN | Updated: 2020-04-16

Hainan, the southernmost province of China, is rebranding itself into a free trade port after two years in the making. Designating the island as a new window to Southeast Asia and beyond, Chinese authorities are striving to further open up its market.

With an ambitious plan, the island is expected to upgrade its business environment, in the hope of achieving domestic first-class free trade service by 2025. The free trade port by 2035 would boast a more mature system and mode of operation, with its business environment ranked among the top in the world.

All in all, the whole island is planned to be a free trade zone featuring Chinese characteristics, with the development of the province's trade, business, tourism, technology and education.

"We can rely on the rest of China, it's such a huge economy, a massive market. This is our unparalleled advantage," said Chen Xiaohua with Hainan's Comprehensive Deepening Reform Committee, adding "Singapore and Dubai's free trade ports are ahead of us in terms of info technology and other facilities, whose levels of automation and AI are advanced. But we are catching up by fixing our weaknesses."

Hainan's tourism

The coronavirus outbreak has taken a toll on the island's tourism, as much of the world's population is still under lockdown. But on the beaches and promenades in Sanya, the island's most prominent touristy city, holiday makers are gradually coming back.

As the epidemic dies down, at least in China, local residents and tourists are venturing out to the beach, some with their masks taken off while basking in the sun.

a256fac30ae84ccfb1d83fe7fd053cc4.png

Tourists are gradually returning to Hainan as the coronavirus outbreak continues to die down in China. /CGTN

1 2 3 >

Related

2020-04-16

What does the future hold for China's free trade port?

Hainan, the southernmost province of China, is rebranding itself into a free trade port after two years in the making...

2020-04-14

Hainan free trade port work on track

Work at construction sites in the Haikou Jiangdong New District, a new 298-square-kilometer benchmark area to promote...