Hainan plan continues to develop

China on Tuesday released a plan to build its southern province Hainan into a pilot free trade zone after the central government announced in April it would support Hainan in establishing a free trade zone and would gradually build it into a free trade port.

The establishment of the China (Hainan) Pilot Free Trade Zone will demonstrate 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.

"China will execute a more proactive opening-up strategy in Hainan and build an important gateway for opening up toward the Pacific and the Indian Ocean," said Wang Shouwen, vice-minister of commerce.

This action illustrates China's confidence and resolve in continued opening-up, he said at a press conference in Beijing on Tuesday.

According to the document, by making full use of the whole island's advantages 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.

Shen Danyang, vice-governor of Hainan province, said the province will establish and enhance the risk management system and mechanism, improve risk prevention, control and resolution and eventually launch a mature project once mature. It should also fully comprehend the rules and pace of FTZ development, thereby ensuring the stable, sound and efficient development of the island-wide FTZ.