China to establish free trade zone by 2020 and port by 2025 says Xinhua

Workers are seen at the construction site of the south tower of the Haikou Twin Tower project in Hainan province, China January 10, 2018. REUTERS/Matthew Miller

Vastavam web: China aims to establish a free trade zone in Hainan by 2020 and will encourage multinationals to set up their international and regional headquarters in the province, state news agency Xinhua reported citing a government document.The guidance was jointly issued by the ruling Communist Party and State Council, Xinhua said. It comes after President Xi Jinping announced on Friday that the country would grant foreign firms greater economic freedom in the southernmost province.

The document said that the government would set up an investment fund to support the building of a free trade port in Hainan by 2025, with the aim that the system will become “mature” by 2035.