China's Hainan province plans to establish an offshore duty-free shop in Boao, a town in the city of Qionghai, according to the provincial finance department.
For years China's Hainan province has been developing its tourism industry, with the key decision made by central authorities that aims to turn the island into an international tourist destination.
China's island province Hainan on Monday announced measures to rein in speculation in the soaring residential property market, following a new policy which designates the province as the country's new frontier for reform and opening-up.
Among the regions to have tasted economic success is China's youngest province of Hainan, which this year marks its 30th anniversary as a province.
The development of Hainan into an international free-trade port heralds a new stage of the reform and opening-up of the Chinese economy as the island boasts the potential to compete with other international ports such as Hong Kong and Singapore, experts said on Monday.
Share prices of Hainan-related companies rallied on Monday in response to President Xi Jinping's speech on Friday supporting the building of the whole island into a pilot free trade zone and a free port with Chinese characteristics.
What he said three days later that China will turn Hainan Island into the world's largest free trade zone carries greater symbolic weight.
