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Chinese parliament passes Hainan's free trade port bill

The law was adopted during a session of the thirteenth NPC Standing Committee

HAIKOU, June 10. /TASS/. The Standing Committee of the National People's Congress (NPC, parliament) on Thursday passed legislation establishing a free trade port in China's southern province of Hainan, reported China Central Television.

According to the media outlet, the law was adopted during the 29th session of the thirteenth NPC Standing Committee. Its text has not yet been published. According to the TV channel, the law will come into force on the day of its publication.

As stated in the material, "in accordance with the law, China will create a free port across the Island of Hainan, will step by step develop a free trade port policy, ensure free and safe flows of trade, investment, people, cross-border movement of capital, transportation as well as ordered data flow".

On June 1, 2020 the Central Committee of the Chinese Communist Party and the State Council published a program for the formation of a free trade port on Hainan. The document provides for the creation of a special customs zone on this tropical island. The Chinese authorities plan to complete the construction of a free port on the territory of the province in general in 2025, by then a system for ensuring free trade and investment should be ensured on the island. By 2035, it is planned to ensure freedom of trade and investment, cross-border movement of capital, people, and freight traffic on Hainan.

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