China Releases Plan for Hainan Free Trade Port
China released a plan this week for its Hainan free trade port, aiming to turn it into a global trading hub by eliminating tariffs and other trade barriers. The port will serve as the “frontline of China's integration into the…
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global economic system,” according to a June 1 report from Xinhua, China’s state-run news agency. The island province also will be given “more autonomy in reform … thus clearing institutional obstacles hampering the flow of production factors.” China said it hopes to establish the port by 2025. The announcement comes less than a week after the U.S. certified that Hong Kong no longer qualifies for special customs treatment under U.S. law (see 2005290047).