Establishment of an institute for a free trade port with Chinese characteristics has been approved by the Hainan provincial government to support Hainan's free trade port development.
Chinese President Xi Jinping announced on April 13 at a gathering in Haikou celebrating the 30th anniversary of the founding of Hainan province and the Hainan Special Economic Zone that the Communist Party of China Central Committee has decided to support Hainan in developing the whole island into a pilot free trade zone as well as gradually exploring and steadily promoting the establishment of a free trade port with Chinese characteristics.
Hainan will be China's largest free trade zone, enjoying higher-level opening-up policies. The move highlights the country's resolution of further opening-up and promoting economic globalization.
The institute will be led by the Haikou-based China Institute for Reform and Development, and be jointly built by the National Institute for South China Sea Study, Hainan University and Hainan Normal University, according to the provincial government decision.
The institute was designed to carry out theory and policy research on the free trade zone (port) to provide suggestions for its development.
Its main responsibilities include carrying out studies on the development of a free trade zone (port), setting up a consultation mechanism to boost communication between Chinese and overseas experts with the Hainan provincial Party committee and Hainan provincial government, participating in discussions on important issues concerning Hainan's free trade zone (port), providing training for local government officials, and establishing expert advisory committees and an expert resource platform to attract talent and experts to the area.