China unveils guidelines for deepening Hainan reform, opening up

BEIJING -- China on Saturday unveiled guidelines on supporting the southern island province of Hainan to deepen reform and opening up, with details on turning it into a pilot free trade zone and creating a "free trade port with Chinese characteristics."

The document was jointly released by the Central Committee of the Communist Party of China and the State Council.

Chinese President Xi Jinping Friday announced a decision by the CPC Central Committee to support building Hainan into a pilot free trade zone and gradually and steadily into a free trade port with Chinese characteristics.

According to the document,

♦ China has decided to set up an investment fund to support Hainan's development of a free trade port.

♦ China is aiming to "basically establish" free trade port system in Hainan by 2025 and make the free trade port system and operational mode of Hainan "more mature" by 2035;

♦ China will support the "all-round participation" of foreign firms in the building of a free trade port in Hainan;

♦ China is encouraging multinational companies to set up international and regional headquarters in Hainan;

♦ China will gradually phase out sales of traditional oil-fueled vehicles in Hainan.