China rolled out a plan on Tuesday for establishing its southern island province of Hainan as 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.
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.
According to the plan, the Hainan FTZ will push trial reform in such fields as accelerating the establishment of new institutions of the open economy, promoting the innovative development of the service sector and speeding up efforts to transform government functions.
It will also focus on the establishment of major risk control mechanisms and push forward trial programs in sectors including healthcare, culture, and tourism as well as green development.
By 2020, the plan aims to build Hainan into a high standard and high-quality FTZ that promotes trade and investment facilitation, provides a good legal environment, thorough financial services, efficient regulation, and a favorable ecological environment, and boosts the development of surrounding areas.