Hainan trade zone will boost opening-up

China released on Tuesday a plan to build Hainan into a pilot free trade zone - including substantial relaxation of market access for foreign companies and upgrading of trade facilitation - to create a gateway for opening up toward the Pacific and the Indian oceans.

The China (Hainan) Pilot Free Trade Zone, approved by the State Council, will cover the whole island of Hainan. The government plans to make the zone an international tourism and shopping center, as well as offer services and support for development of the Belt and Road Initiative and other national strategies.

Wang Shouwen, vice-minister of commerce, said as a demonstration of China's resolve to further open up and promote economic globalization, the island, which covers 35,400 square kilometers, will be granted more autonomy to enact reforms and speed the fostering of a law-based, international and convenient business environment.