Stress testing for Hainan Island customs closure is underway
In June 2020, China released a master plan for the development of the Hainan Free Trade Port (FTP), aiming to build Hainan Island into a globally influential free trade port by the middle of the century. As part of the master plan, the FTP is set to introduce island-wide customs clearance operations by 2025, which will be a foundation and a milestone for its future development.
FTPBlueprint
In need of new drivers of growth that go beyond natural resources and tourism, China’s economic planners aim to give Hainan’s economy a boost by leveraging its clean, service-driven tropical environment to showcase a China that is proficient in renewable energy and value-added services as opposed to the labor-intensive and export-driven manufacturing that characterise other free trade zones and previous periods of economic development.
Currently, China has 12 pilot FTZs
Currently, China has 12 pilot FTZs, so what are the unique advantages of the Hainan Free Trade Port?