Marine Link
Tuesday, April 24, 2018

China to Set up Hainan Free Trade Zone by 2020, Port by 2025

Maritime Activity Reports, Inc.

April 16, 2018

© alextan8 / Adobe Stock

© alextan8 / Adobe Stock

China aims to establish a free trade zone in Hainan by 2020 and will encourage multinationals to set up their international and regional headquarters in the province, state news agency Xinhua reported citing a government document.

The guidance was jointly issued by the ruling Communist Party and State Council, Xinhua said. It comes after President Xi Jinping announced on Friday that the country would grant foreign firms greater economic freedom in the southernmost province.

Known for its sandy beaches and resort-lined coast, Hainan is the headquarters of China's aviation-to-financial services conglomerate HNA. This week, the province hosted the Boao Forum - Asia's equivalent of Davos.

The document said that the government would set up an investment fund to support the building of a free trade port in Hainan by 2025, with the aim that the system will become "mature" by 2035.

It will also phase out sales of traditional oil-fuelled vehicles for greater environmental conservation in Hainan, and encourage foreign firms to participate in the building of the free trade port.


(Reporting by Brenda Goh, editing by Clelia Oziel)

Maritime Reporter Magazine Cover Apr 2018 - Offshore Energy Annual

Maritime Reporter and Engineering News’ first edition was published in New York City in 1883 and became our flagship publication in 1939. It is the world’s largest audited circulation magazine serving the global maritime industry, delivering more insightful editorial and news to more industry decision makers than any other source.

Subscribe
Maritime Reporter E-News subscription

Maritime Reporter E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

Subscribe for Maritime Reporter E-News