Chinese president Xi Jinping announced plans to establish another Free Trade Zone (FTZ) in “China’s Hawaii”, the island of Hainan. The plan is to establish the FTZ by 2020, then build a free trade port until 2025 and fully develop the whole free trade system by 2035.
Some of the new FTZ’s features:
- Multinationals will be encouraged to set up their regional or international headquarters on the island.
- Rules for setting up medical institutions, the import of medical equipment as well as drugs shall be relaxed and it shall be easier for foreign doctors to practice on the island.
- The environment of the island shall be preserved by gradually reducing the sales of fueled vehicles.
- To promote tourism on the island, horse racing and sports lotteries will be permitted (until now, gambling is only permitted in Macao).
Hainan is already China’s 12th FTZ, the other FTZs are: The Shanghai Pilot FTZ (launched in 2013), the Fujian, Tianjin and Guangdong FTZs (announced in 2015) plus the Chongqing, Liaoning, Henan, Hubei, Shaanxi, Sichuan and Zhejiang FTZs (announced in 2016).
What exactly are Chinese FTZ’s? Find out more on this article from Global from Asia.
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