Overall Plan of China (Hainan) Free Trade Pilot Zone

On October 16, 2018, the State Council approved the establishment of the China (Hainan) Free Trade Pilot Zone and issued State Letter No.119 on the Overall Plan of the China (Hainan) Free Trade Pilot Zone. The plan consists of seven parts. The first part is the general requirements, setting out guiding ideology, strategic positioning and development objectives. The second part is to build a free trade pilot zone in Hainan Island, including its size of and functional partitioning. In the third, fourth and fifth parts, the reform pilot tasks are clarified in terms of accelerating the construction of a new open economy system and the innovation and development of the service industry, and increasing the transformation of government functions. The sixth part is to strengthen construction of major risk prevention through a control system. The seventh part is to adhere to and strengthen the party’s overall leadership in the construction of the free trade pilot zone.