Hainan FTP opens fast lane

It underscores the country's determination to advance high-standard opening-up and turn China's super-sized market into a stronger magnet for global trade and investment, despite rising protectionism worldwide, senior officials and business leaders said.

Vice-Premier He Lifeng said that it is essential to seize the opportunity presented by the special customs operations to persistently deepen reforms in key areas, solidly promote high-quality development and continually improve the risk prevention and control framework.

The goal is to shape the Hainan FTP into a pivotal gateway that leads China's new round of opening-up in the new era, the vice-premier said at the launch ceremony in Haikou, Hainan province, on Thursday, which also marked the 47th anniversary of the initiation of China's reform and opening-up policy.

China released a master plan in June 2020 to build Hainan into a globally influential, high-level free trade port by the middle of the century, and it is a significant move by the country's top leadership to support the construction of the Hainan FTP system with Chinese characteristics.

The special customs operations are built on a framework of "freer access at the first line, regulated access at the second line, and free circulation within the island".