The entire island of Hainan, on China’s southeast coast, is to become a pilot free trade zone. China’s government has decided to gradually explore and promote the establishment of a free trade port on Hainan with Chinese characteristics.
The decision will make Hainan China's largest free trade zone enjoying increased opening-up policies. It will also become China’s first free trade port since the founding of the country in 1949.
Xinhua reports that Hainan was an isolated island for decades but is now one of China's most open and dynamic regions and a top tourist destination. As a result of a strategy to develop Hainan into an international tourist destination has attracted investment, high-speed railways, hotels, high-end commercial real estate and tourism facilities.
As a free trade zone, the island will host exchanges in international energy, shipping, commodities and carbon trading. It will also focus on developing modern service industries such as tourism, the Internet, healthcare, finance and hosting conferences and exhibitions.
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