S. China’s Hainan free trade port likely to be built by three stages, report

BEIJING, May 15 (Xinhua) -- South China’s Hainan Province is likely to build itself into a free trade port by three stages, the Securities Daily cited Zhang Huanbo, a researcher of the China Center for International Economic Exchanges (CCIEE) as saying on Monday.

Hainan will gradually explore and steadily advance free trade port construction. At the first stage, Hainan is expected to establish several free trade ports in the vicinity of Haikou Port, Yangpu Port, Sanya Port and other ports. At the second stage, Hainan will gradually expand the range of free trade ports through a period of exploration. At the third stage, Hainan is likely to establish free trade ports throughout the province on the basis of synthesizing the experience of free trade port construction at the previous two stages, said Zhang.

As a pioneer of port opening, Hainan is expected to take a series of measures for early and pilot practices, said Liu Xiangfeng, an official of the National Development and Reform Commission (NDRC).

Liu said that firstly, Hainan will build Hainan duty free port to attract the Chinese and foreign institutions to invest in Hainan, so that Chinese-funded and foreign-funded enterprises, especially financial institutions, can establish offices in Hainan to enhance China's capacity for global resource allocation. Secondly, Hainan will encourage the development of health, pharmaceuticals, tourism, new energy, culture and other high-growth industries in China, to broaden their prospect in Hainan. Thirdly, China will support Hainan in establishing bulk commodities, property, equity and carbon emission permit exchanges. Fourthly, Hainan will focus on developing international high-end medical services and introduce foreign-funded hospitals, especially world leading medical devices through preferential tax policies. Fifthly, in terms of the securities investment, individuals may invest in Hong Kong stocks and U.S. stocks in the area. Lastly, Hainan will vigorously develop the convention & exhibition industry to promote green conventions and exhibitions, and international tourism. (Edited by Hu Pingchao, hupingchao@xinhua.org)