China publishes plan for Hainan free trade zone

A beautiful blue sky and water frame the mountainous landscape in this aerial view of Sanya Bay in Sanya, South China's Hainan province, Aug 7, 2018.[Photo/VCG]

China on Tuesday rolled out a plan for building its southern island province of Hainan into a pilot free trade zone (FTZ).

In developing the Hainan FTZ, a major step that demonstrates China's resolution to further open up and promote economic globalization, the island will be granted more autonomy to reform, and speed up the fostering of a law-based, international, and convenient business environment as well as a fair, open, unified, and efficient market environment, according to the plan issued by the State Council.

Making full use of the advantages of piloting on the whole island, Hainan should be positioned as a pilot zone for comprehensively deepening reform and opening up, a display of the country's ecological civilization, an international tourism and consumption center and a zone offering services and support for the country's major strategies, according to the plan.

Efforts should be made to pursue a more proactive strategy of opening up, accelerate the establishment of new institutions of the open economy, make new ground in pursuing opening up on all fronts, and build Hainan into a key gateway to the Pacific and Indian Oceans.