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英皇宫殿新会员注册首存赠送8%:China speeds up construction of Hainan Free Trade Port

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英皇宫殿新会员注册首存赠送8%:The island province of Hainan was once a backwater of fisherfolk and poor farmers, but now, it is a vivid example of China's high-level opening-up.

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XinhuaUpdated:  August 4, 2022
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When Lin Guangming came to south China's Hainan Province in late 2020, he was fascinated by the rich opportunities offered by the fledgling Hainan Free Trade Port (FTP).

Lin, 42, is an overseas Chinese with Singaporean citizenship. He currently serves as the chief planner for the Yangpu Economic Development Zone management committee. Yangpu Economic Development Zone in Danzhou, a city in the northwestern part of Hainan, is a pioneer and demonstration area for the Hainan FTP.

"Hainan's free trade port policy is open enough to attract foreign talents to work in Hainan and Yangpu," Lin said.

Lin is among the talents coming to Hainan to seek opportunities as the construction of the FTP picks up speed.

The island province of Hainan was once a backwater of fisherfolk and poor farmers, but now, it is a vivid example of China's high-level opening-up.

Since the 18th Communist Party of China (CPC) National Congress in 2012, Hainan has hosted a series of diplomatic, economic, and cultural gatherings, which greatly raised the island's profile and exposed the province to the very latest in business practices and pioneering services.

In 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. Since then, a slew of favorable policies have been issued to support the development of the Hainan FTP, including zero tariffs and easing market and foreign investment access.

A cargo ship loaded with soya beans from Brazil prepares to unload at Yangpu port in the Yangpu Economic Development Zone in Danzhou, south China's Hainan Province, July 22, 2022. (Xinhua/Guo Cheng)

The construction of the first batch of nine projects related to independent customs operations throughout Hainan island began in July. The projects, with a total investment of 1.42 billion yuan, are located in the cities of Haikou, Sanya, Wenchang, Qionghai, and Dongfang, and Chengmai County.

Hainan will finish building all the necessary infrastructure for independent customs operations by 2023 and will realize independent customs operations throughout the whole island by the end of 2025.

Lin Guangming, the Singaporean chief planner for the Yangpu Economic Development Zone management committee, has brought his family to the island province. He has big plans for the future in Hainan.

"It is my personal mission to help transfer Singapore's philosophy and best practices in urban planning to Chinese cities and now with a focus in Hainan Yangpu, which is still in its infancy stage," he said. "There will be a huge potential for this place and for professionals."

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