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Economy

China's Hainan to be tariff-free to rival Hong Kong

Southern province aims to become world-class trading hub by 2050

BEIJING -- China has designated the southern island province of Hainan as a free trade port and will offer tax and trade incentives to draw businesses and tourists, with an apparent goal of providing a mainland alternative to Hong Kong.

The plan is to open up Hainan in stages, with interim milestones in 2025 and 2035 before fully transforming into a world-class port city by midcentury.

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