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China passes law to make Hainan free trade haven

Resort island takes on role in international finance as Hong Kong alternative

HANGZHOU, China -- China moved forward with plans to turn the southern resort island of Hainan into a free trade hub, passing legislation Thursday to lower barriers to cross-border investment.

The law passed by the Standing Committee of the National People's Congress provides a legal foundation for plans drafted last June to make Hainan a "free trade port." Tariffs will be reduced to zero in principle by 2025, and businesses and individuals will receive tax breaks.

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