The law is considered an important part of China’s broader strategy to further open up its economy and promote globalization and Hainan was chosen as it has a unique geographical advantage in the South China Sea, making it a key gateway for international trade, especially in the ASEAN region. Since then, free trade port construction has taken place to render the island suitable for this plan, with the release of the Overall Plan for the Construction of the Hainan Free Trade Port in June 2020.įinally, the Hainan Free Trade Port Law was passed in 2021 to completely transform Hainan into a pilot international free trade port. Plans for this piece of legislation date back to April 2018, when the Chinese government released the Guiding Opinions on Supporting Hainan’s Comprehensive Deepening of Reform and Opening Up.
The Hainan Free Trade Port (FTP) law was passed a little over a year ago, yet many are still curious to see what has already changed.īut what is the Hainan Free Trade Port Law actually all about? Why was it established in Hainan? And how has it affected the island’s economy?
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