Hainan FTP eyes greater opening-up

The FTP has welcomed another significant boost from the central government, which unveiled two sets of measures on Thursday and Friday to support the port in broadening market access and further opening up its financial sector.

The nation has greenlighted the free trade port to explore the online sales of prescription drugs, boost the development of an online games sector, press ahead with autonomous driving technologies and step up the development of homegrown high-end medical equipment, according to a policy document jointly issued by the National Development and Reform Commission and the Ministry of Commerce.

Another document, released by the People's Bank of China together with three other top financial regulators, set out 33 detailed measures to facilitate free trade on the island, including steps to perfect its financial market system, further open up its financial market, enhance innovation, improve financial services and strengthen financial regulation.

Xu Shanchang, head of the department for institutional reform at the NDRC, told a news briefing on Thursday that the latest move demonstrates to global investors and consumers China's resolve for reform and opening-up during major changes unseen in a century.

"The measures will develop Hainan into a benchmark for market access worldwide and create a highly attractive market environment," he said.

Chi Fulin, president of the Haikou-based China Institute for Reform and Development, said the latest support measures have sought to further strengthen weak areas in the development of the Hainan FTP, such as healthcare, education and the financial sector.

"The development of the Hainan Free Trade Port must use the world's highest opening-up standards as the benchmark and work toward a flagship that leads China's opening-up for the new era and is an important gateway to the world," he said.