China has decided to support Hainan in developing the whole island into a pilot free trade zone, and gradually exploring and steadily promoting the establishment of a free trade port with Chinese characteristics.
President Xi Jinping made the announcement when delivering a speech at a gathering to commemorate the 30th anniversary of the founding of Hainan province and the Hainan Special Economic Zone last Friday.
China welcomes investors worldwide to invest and start businesses in Hainan and participate in the building of a free trade port, thus sharing the country's development opportunities and outcomes of its reform, Xi said.
Hainan should focus on tourism, modern services, and high-tech sectors instead of intermediary trade and manufacturing.
Hainan should conduct multi-level and multi-field cooperation with countries and regions along the Belt and Road and facilitate exchanges in culture, education, agriculture, and tourism.
Hainan will be China's largest free trade zone enjoying increased opening-up policies and will be the country's first free trade port since the founding of the People's Republic of China in 1949.