The Hainan authorities are planning to take measures in 2021 to accelerate work on a free trade zone bill, announced the secretary of the Hainan Provincial Party Committee Shen Xiaoming on Wednesday.
"In 2021, the key area in the economic work of Hainan province, its important and main point, will continue to be the creation of a free port. This is to facilitate the early development of a draft law on a free port in the Hainan province," he said.
"The Hainan Free Port Bill is currently at a public debate stage. The early adoption of this bill through a vote will grant the region even more sovereign reform rights, provide a legal basis for the free port zone process, and provide a foundation for the rule of law," stressed the official.
On June 1, the Central Committee of the Chinese Communist Party and the State Council published the General Development Program for Hainan's Free Trade Port, according to which an effective mechanism to stimulate sustainable and long-term growth should be finally formed in Hainan by 2025. It is expected that thanks to new methods, many of which are being introduced in China for the first time, the province will be able to fulfill a number of key socio-economic tasks necessary to form a powerful financial and economic center in the country’s south. It is assumed that by 2035 both the economic and innovative potential of this region will be maximized, and it will become one of the most attractive places for international investors.
