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China writes Hainan free trade port plan into law

Two-phase approach aims to turn area into magnet for foreign investment

Yangpu Port in the southern Chinese island province of Hainan   © AP

China drafted a law formalizing the free trade port status of Hainan following a pilot program testing a unique national policy of zero tariffs, low tax rates and a simplified tax system. The measure will make the southern island province China’s largest free trade area.

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