HAIKOU /China/, November 22. /TASS/. Authorities in the southern Chinese province of Hainan have announced plans to build the island's first large integrated smart logistics park, the Hainan Daily newspaper reported.

According to the plan presented by the Provincial Development and Reform Commission, the park will be created on Hailu Island. This project involves the construction of a range of logistics facilities linked to the port in the Qiongzhou Strait area, which will allow for the distribution, storage and handling of various cargoes. The park meets the requirements of the Free Trade Port Program in the province.

The total area of the park will be about 5.5 square kilometers. Construction should begin by the end of October 2023, with commissioning scheduled for 2025. The logistics park will be the largest project of its kind in Hainan. Authorities expect that by 2030, its total operating revenue will be about 23.1 billion yuan ($3.2 billion). The park's operation will also solve the employment problem of about 23.1 thousand people.

In June 2020, a program was published for the construction of a free trade port on Hainan, which provides for the transformation of the island into a special customs zone. The national government expects to complete the free port as a whole by 2025, by which time the island should have a free trade and investment system in place.

By 2035 the free port and its model will become more defined. By then, Hainan will have free trade and investment, cross-border capital flows, travel, and freight transportation.