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Vice premier of China's State Council urges to further Hainan's development

HAIKOU, December 25. /TASS/. Vice Premier of the Chinese State Council Han Zheng called for deeper implementation of measures to develop the region at a plenary meeting of the steering group for promoting Hainan's reform and openness, reported Xinhua.

"We must get into the rhythm of gradual advancement [of reforms] and help make even more progress in the construction of Hainan's free trade port," Han Zheng said. He also stressed the need to "pay close attention to leading industries and key functional platforms, boost the real economy and promote the quality development of Hainan's economy."

According to the Vice Premier of the State Council of the People's Republic of China, the construction of the free trade port has begun successfully, and the political and institutional base is being created in the province at an accelerated pace. The official added that the region's authorities need to continue to work on developing the free port's infrastructure, improving the island's ecological environment, liberalizing the region's economy and introducing a new duty free trade policy. "We need to immediately draft a fourteenth five-year plan (2021-2025 — TASS) to deepen Hainan's reforms and openness comprehensively," concluded the official. 

On June 1, the Central Committee of the Chinese Communist Party and the State Council published the General Development Program for Hainan's Free Trade Port, according to which an effective mechanism to stimulate sustainable and long-term growth should be finally formed in Hainan by 2025. It is expected that thanks to new methods, many of which are being introduced in China for the first time, the province will be able to fulfill a number of key socio-economic tasks necessary to form a powerful financial and economic center in the country’s south. It is assumed that by 2035 both the economic and innovative potential of this region will be maximized, and it will become one of the most attractive places for international investors.

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