Hainan will establish a free trade port policy system during the 14th Five-Year Plan (2021-2025), with all preparations ready for customs clearance on Hainan island by the end of 2024, said Feng Fei, acting governor of South China's Hainan province on Sunday.

In his government work report addressed to the Fourth Session of the Sixth People's Congress of Hainan Province that opened in Haikou, the provincial capital of Hainan, Feng said Hainan will strive to have hardware conditions ready for customs clearance by the end of 2023, and complete all preparations for customs clearance by the end of 2024.

China released a master plan for the construction of Hainan free trade port on June 1, aiming to build Hainan Island, which is about 32 times the size of Hong Kong, into a globally influential, high-level free trade port by the middle of the century.

The master plan, a further move by the nation to open wider to the world, says Hainan FTP will launch operation of customs clearance on Hainan Island in due time before 2025.

In 2021, Hainan will step up research on customs clearance mechanism preparation, achieve phased goals of social management information platform construction and improve the dynamic service management mechanism for visa-free-entry personnel in Hainan, Feng said.

He added that the tropical island province also will establish a regulatory system in line with high-level international economic and trade rules this year, and finish the layout planning of entry ports in the Hainan FTP.