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.
The draft legislation, which has been reviewed by the National People’s Congress, is open for public comment until Jan. 29. The proposal is in line with a master plan announced in June 2020 for transforming the entire province -- about twice as big as the San Francisco Bay Area -- into a globally influential free trade port.
