Following the launch of island-wide special customs operations on Thursday, the Hainan Free Trade Port (FTP) will establish a policy and institutional framework compatible with a high-level free trade port in a phased manner, which will further accelerate its opening-up, according to a Hainan FTP official cited by XINHUA.

Wang Fengli, deputy director of the Office of the Free Trade Port Working Committee of the Communist Party of China Hainan Provincial Committee, made the remarks during the latest episode of China Economic Roundtable, an all-media talk show hosted by Xinhua News Agency.

Hainan will build a more flexible and efficient supervision system to facilitate the free, safe flow of goods. „On the one hand, the range of zero-tariff goods will be expanded to promote the trade of goods. On the other hand, the opening-up of services sectors such as tourism, education and health care will be accelerated in response to the development needs of trade in services,” Wang said.

Regarding investment, the Hainan FTP aims to create a market-oriented, law-based and internationalized business environment with greater transparency. Foreign investment access will be relaxed further, and reforms will be implemented to streamline approval processes, the official said.

The opening-up of the financial sector will be advanced steadily, with efforts to develop cross-border asset management and offshore yuan business, he said.

Restrictions on the free flow of people will also be relaxed, and entry and exit policies will be eased to attract talent and business visitors, according to Wang.

Hainan will adopt a more open shipping environment, optimize vessel inspection policies and establish an efficient, secure mechanism for the cross-border transfer of data, he added.

XINHUA