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China CPC Central Committee Establishes Hainan Free Trade Zone

  •   13 May 2018
  •    Giacomo Colaci Cirillo
  •   60  Views
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    Takehome

    • China CPC established a free trade pilot zone covering the whole of Hainan province and aided by a free trade port.  

    On April 13th 2018, on the 30th year anniversary of the establishment of Hainan as province and special economic zone, the Central Committee of the Communist Party of China announced the creation of a free trade pilot zone covering the whole of Hainan province served by a free trade port. The document "Guiding Opinions on Supporting Hainan's Comprehensive Deepening of Reform and Opening-up" was drafted at once for this purpose and covers nine fields: services, IT, agriculture, research and innovation, tourism, marine economy, ecology, science and education and talent attraction.

    Hainan Island has a central role in the development of “One Belt One Road” and the “Guiding Opinions” also aim at the creation of international trading sites for shipping and commodities, establishing favorable conditions to challenge competitors in the area.

     From January to April 2018, 1245 batches of food and cosmetics were imported through Hainan Port, amounting to 208 million US dollars, a year to year increase of 17.90% and 14.43 respectively. Apart from quantity, quality is also improving to the point that no unqualified batches were detected in the cited period. The “Guiding Opinions” continue along the same lines, as they will set a more flexible policy system and a new regulatory model.

    The free trade pilot zone is expected to be ready in 2020, while the free trade port will be open in 2025.

    Reference links

    People’s Daily on the establishment of free trade zone and port (Chinese)
    ”Guiding Opinions on Supporting Hainan's Comprehensive Deepening of Reform and Opening-up”(Chinese)
     

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