A master plan for the port was also released on Monday, indicating the country's firm determination to build an open economy within the framework of globalization.

The plan, released by the CPC Central Committee and the State Council, requires establishing a basic free trade port policy system with a key focus on facilitating free trade and investment by 2025.

By 2035, the free trade port system and operations in Hainan will be more mature, and high-level process supervision will be basically constructed to achieve free trade and investment facilities, free cross-border capital flows, free and convenient transportation and access for people, and safe and orderly flow of data.

By the middle of the century, a high-level free trade port with strong international influence will be fully established, according to the plan.

Experts said the announcement demonstrates China's serious intention to deepen reform and opening-up as well as further integrate itself into the world economy.