Govt to develop Hainan free port in two phases

China is planning to build a high-quality free port in Hainan province in steps and phases, the country's top economic regulator said on Monday.

"The implementation of the government's overall plan for the construction of Hainan Free Trade Port can be divided into two phases-the first phase to lay the foundation and make preparations and the second phase to comprehensively promote the development," said Lin Nianxiu,deputy head of the National Development and Reform Commission.

Lin told a news conference that the first phase of the master plan is expected to be completed in 2025, with a key focus on liberalization and facilitation of trade and investment. Efforts will be made to promote opening up in an orderly manner, enhance the free and efficient flow of various production factors. And an island-wide special customs supervision regime will be launched by then.

According to him, the second phase will focus on further optimizing opening-up policies and relevant institutional arrangement.By 2035, high-level process supervision will be constructed to achieve free trade and investment facilities, free cross-border capital flows, free and convenient transportation and access for people, and safe and orderly flow of data.

By then, the business environment will be more optimized, the laws and regulations system will be more perfect, the risk prevention and control system will be more stringent, and the modern social governance pattern will be basically formed. And Hainan will become a new highland of China's open economy, Lin added.

In the next step, the NDRC will work with Hainan and relevant departments to implement the plan in steps and phases, optimize and introduce more supportive policies to build a high-quality Hainan Free Trade Port.