SCIO briefing on master plan for Hainan Free Trade Port

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The objective of this plan is to turn Hainan into an international hub of trade and finance. Does that mean Hainan will replace some of Hong Kong's function and status in the future? Thanks!

Lin Nianxiu:

Thanks for your question. As we know, Hong Kong port, Singapore port and Dubai port are model high-level international free trade ports, each boasting distinctive modes of development, polices and institutions of its own. Hong Kong, as an important international hub of finance, shipping and trade, has been rated by multiple international organizations as one of the freest and most competitive regions in the world. In particular, since its return to the motherland, Hong Kong has remained stable and prosperous under the system of "one country, two systems." It has integrated itself into the great endeavor to realize the rejuvenation of the Chinese nation.

In order to turn Hainan into a free trade port, we should study well-known international free trade ports, integrate high-standard international economic and trade rules and explore a system of institutions featuring openness and international competitiveness. Meanwhile, we should make full use of the island's advantages, including its abundant natural resources, unique geological location and the super-huge domestic market and hinterland economy backing it. Focus should be placed on trade and investment liberalization and facilitation, as well as such industries as tourism, modern service and high and new technology. We should quicken our steps to foster new advantages with Hainan characteristics that inject vigor into the development of global free trade ports.

In this sense, Hainan FTP is different from Hong Kong both in terms of positioning and priority industries. The two are more complementary than competing. Therefore, Hainan will not have a negative impact on Hong Kong. In the process of building Hainan FTP, we will strengthen coordination with the Guangdong-Hong Kong-Macao Greater Bay Area and proactively push forward pragmatic and effective cooperation to help ensure Hong Kong's long-term security, stability and prosperity. We will also smooth the implementation of "one country, two systems." Thanks.

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