A tropical Chinese island is pushing through the country’s most ambitious free-trade experiment since Beijing established its first special economic zones in the 1980s.
Hainan, a palm-fringed island roughly the size of Belgium and long a destination for domestic tourists, is betting that lower taxes and looser investment rules will help transform it into the world’s largest free-trade port.
After years of groundwork, Hainan’s customs regime was hived off from the mainland’s in December, in a move that Chinese leader Xi Jinping has touted as evidence of the country’s continued reform momentum and sustained efforts to open up its markets to foreign businesses. Xi said the “landmark” project was “a key gateway driving the country’s opening up”.
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