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Hainan authorities to boost free trade zone development

In particular, the local administration will allow foreign companies to create joint enterprises with Chinese partners

HAIKOU, November 22. /TASS/. The Hainan authorities will adopt a package of measures to boost the construction of a free trade zone on the island, said the Chinese Ministry of Commerce.

The measures are aimed at developing trade and investment climate. In particular, the local administration will allow foreign companies to create joint enterprises with Chinese partners.

A number of initiatives will focus on opening the island's financial sector, boosting navigation and establishing a new scheme for effective management of land resources.

In April 2018, President Xi Jinping said that the Chinese authorities intend to actively involve Hainan in globalization and to draw foreign investors to the island province. By 2050, according to the authorities, the island should become a unique international cluster with an advanced economy, developed tourism, top-notch scientific, technical and financial potential, and modern medicine. The branches of the best universities and offices of the most powerful corporations in the world will be located on the Island of Hainan.

By 2025, the Chinese government intends to create an "international center for tourism and consumption" on Hainan. In order to do so, the "Eastern Hawaii" with their unique natural landscapes, thick rainforests and great climate will establish a developed network of hotels, which blend perfectly with white sandy beaches stretching along the coastline. The combination of an exotic subtropical nature and a modern eco-friendly infrastructure will boost tourist inflow to the island from the most distant parts of the world.

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IN BRIEF: What Putin said about Russia’s new missile, and Moscow’s response to the West

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