Reference: (BJD News) On 10 December, Hainan released the provincial Party committee's proposal for the 15th Five-Year Plan for economic and social development, setting out a 2026–2030 roadmap for the island's free trade port after customs closure.
The document, adopted at the 8th Plenary Session of the 8th CPC Hainan Provincial Committee on 30 November, defines the coming five years as a “critical period” both for Chinese-style modernisation in Hainan and for building a high-standard free trade port.
According to the master plan, a trade port system focusing on free and convenient flow of trade and investment will be 'basically established' in Hainan by 2025, and become 'more mature' in the following decade, and by 2025, Hainan shall develop into a high-level free trade port with strong global influence in all respects.
Free flow through the first line (to Hainan Island) & efficient control at the second line (to mainland market). For the encouraged industries, products processed in Hainan with an added value of over 30% is entitled to exemption from duties when entering mainland market.
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The document, adopted at the 8th Plenary Session of the 8th CPC Hainan Provincial Committee on 30 November, defines the coming five years as a “critical period” both for Chinese
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The master plan will benchmark Hainan with some of the world''s high-level free trade ports, for examples, Hong Kong, Singapore and Dubai.
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In June 2020, China released a master plan to build the whole of Hainan Island into a globally influential and high-level free trade port by the middle of the century.
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