A view of Sanya bay in Hainan province, Jan 31, 2019. [Photo/Xinhua]
The Central Committee of the Communist Party of China and the State Council, China's Cabinet, recently released a master plan for the Hainan Free Trade Port. Eleven key industrial parks were unveiled on June 3, marking the start of construction of the port.
From a pilot free trade zone to a free trade port, Hainan has experienced an increased level of opening-up. The master plan requires that the port put in place economic and trade rules that match international standards.
The zero-tariff policy will facilitate the free flow of factors of production. As China's largest zone for economy and talent in the new era, the port will be built into a new high ground for China's opening-up.
The Hainan Free Trade Port has four distinctive features.
First, its trade and investment facilitation policies aim to reach international standards. It will reduce trade barriers and improve quarantine procedures on goods and articles outside the taxable catalog.
The port will work to promote liberalization and facilitation of trade in service, where a negative list will be introduced to break barriers and provide national treatment to overseas service providers.
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