Foreign media: On December 18, China launched an $11.3 billion free trade pilot project in Hainan Island, designating Hainan as a free trade port.
The economic scale of Hainan is about $11.3 billion, equivalent to the 70th largest economy in the world. This move aims to attract foreign investment and promote Hainan as a commercial hub similar to Hong Kong, helping China join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
Hainan will implement a policy allowing goods with 30% local value added to be duty-free into the Chinese mainland, while also easing restrictions on the service sector.
Original article: toutiao.com/article/1851840681867392/
Statement: The article represents the views of the author himself.