Hainan rides reform wave to new era

In a speech on April 13 to commemorate the 30th anniversary of Hainan becoming a new province, President Xi Jinping drew a blueprint for the development of the island for the next 30 years. Thanks to reform and opening-up, Hainan seems set to become a prosperous province with a livable ecology, and to develop an international pilot free trade zone (FTZ) by 2020 and a free port with Chinese characteristics by 2025.

The establishment of a special economic zone (SEZ) almost three decades ago has transformed Hainan into one of China's most open and dynamic regions today. And supporting Hainan to deepen reform in the new era is a major national strategy of Xi, which will also demonstrate the advantages of socialism with Chinese characteristics.

The world economy has entered a new era of development and change, though instability and uncertainty continue to affect it. And despite globalization becoming an irreversible trend, protectionism, unilateralism and other anti-globalization practices have increased.