SCIO briefing on master plan for Hainan Free Trade Port

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People's Daily:

What significant roles will the free trade port with Chinese characteristics play following the master plan released despite the multipronged impacts caused by the pandemic which has brought about immense pessimism towards globalization among some scholars?

Lin Nianxiu:

Based on my introduction of the major issues incorporated in the master plan, we fully understand that the construction of the Hainan Free Trade Port demonstrates the CPC Central Committee's major strategic decisions implemented to advance the development and encourage innovation of socialism with Chinese characteristics amid the current situations both home and abroad. The plan also represents a milestone in China's reform and opening-up during the new era. Its realistic significance and strategic implications can be concluded in the following four aspects:

First, the plan is designed to meet the fundamental requirements of developing an open economy. The Hainan FTP has been built since the country embarked on its epochal journey for the overall development of a modern socialist country. While building the Hainan FTP, we will learn from advanced experiences abroad, meet the international high-end standards on economy and trade, and develop internationally competitive opening-up policies and institutions. The Hainan FTP will lead a wave of deeper opening-up nationwide to pave a new path and accumulate experiences so as to advance reform and opening-up to a higher level.

Second, it is imperative for the plan to create a market-oriented, law-based, and internationalized business environment. The Hainan FTP is expected to promote the openness based on the flow of commodities and productive factors, and expedite the openness of rules, regulations, administrations and standardized institutions. It can propel the government to alter their role of governance, ensure market competition acts on a level playing field, promote innovations in social governance, and establish modern legal systems, to name just a few. Generally speaking, a high-standard of opening-up will be secured to deepen reform so that a world-class business environment can be created.

Third, the plan is a strategic choice for high-quality development. The Hainan FTP is designed to ensure free cross-border fluidities of multifarious factors, introduce advanced technologies, management concepts and administrative practices from abroad, and create a global cluster of high-end productive factors, including capitals, knowledge, technologies, management and talents. Acting as a model for high-quality economic development around the country, the Hainan FTP is expected to chart a distinctive modern industrial layout with the characteristics of Hainan.

Fourth, the Hainan FTP is being established in accordance with the concept of building a community with shared future for mankind. The construction of the Hainan FTP shows China's resolve in continuing its policies of opening-up, signaling broader access rather than a closed door. China will continue to promote the liberalization and facilitation of investments and trade exemplifying inclusive international cooperation, and play a leading role in advancing economic globalization. As an important platform, the Hainan FTP will deepen China's involvement in global economic governance and enable China's participation in making international economic and trade rules so as to contribute a Chinese proposal and wisdom to building a community with shared future for mankind. Thank you.

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