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Hainan to lift restrictions on foreign capital in sea and air shipping

The Chinese government intends to fully implement the new free trade port system on the island

HAIKOU, June 1. /TASS/. The Hainan authorities plan to lift restrictions on drawing foreign capital in of air and sea shipping. This is stated in the "General Program on the Establishment of a Free Port on Hainan" published on Monday by the Chinese State Council.

"Measures will be taken to liberalize and simplify logistics," it says. "[Including] the measures to provide better and more efficient financial services in air and sea shipping by lifting restrictions on foreign capital in the relevant field."

The document notes that in the future the authorities are going to ease the rules regulating transportation both in airspace and along sea routes in the region. It is assumed that due to this step, Hainan will be able to increase the number of international flights and destinations for regular ocean traffic.

According to the program, the Chinese government is going to create an effective mechanism on Hainan for those tasks' practical implementation, and in 10 years to decisively enhance the new free port economic system, including the shipping and logistics sector.

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.

The program for attracting highly qualified personnel to the province is also crucial to the implementation of the free trade zone project. According to official figures, by the end of 2019, key Hainan's companies offered jobs to over 860,000 high-level specialists from other Chinese regions and from abroad.

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