HAIKOU, January 12. /TASS/. The Chinese authorities have published a preliminary version of the "Hainan Free Trade Port Bill", a legal document designed to boost the development of a special experimental economic zone in the country's southernmost region, announced the provincial administration.

According to statement, until January 29, the government will collect responses from the population so that this legal act takes into account the maximum number of opinions and is as best adapted as possible to address key socio-economic problems. The document consists of 54 articles related to the simplification of trade procedures and the removal of restrictions for investors. It focuses on tax policy, environmental protection, strategic sectoral development, and employment.

The law delfines more clearly the areas of responsibility of the central government and the regional authorities. One of the key tasks of the project is to speed up international trade and economic cooperation, involve Hainan in globalization, provide more effective and multilateral government support for important projects with the participation of foreign enterprises.

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.