Critical phase

Building the Hainan Free Trade Port is a major step in China's strategy to advance globalization, said Zheng Yongnian, director of the School of Public Policy at the Chinese University of Hong Kong (Shenzhen).

"Hainan has developed rapidly in recent years, and the synergistic effects between its policies and the RCEP can be utilized more effectively and fully," Zheng said, adding that more efforts can be made to improve its infrastructure and accelerate its alignment with high-standard international trade rules.

A push should also be made to attract a greater number of talented people, Zheng said.

Feng Fei, Party secretary of Hainan, said the free trade port has entered a critical phase of rapid development. It's "a new frontier for China's opening-up, a hot spot for regional cooperation, and a fresh engine for economic globalization", Feng said.

Over the past five years, Hainan has significantly expanded its global ties, with the actual utilization of foreign capital in Hainan reaching 102.5 billion yuan ($14.3 billion), averaging 14.6 percent annual growth.

In the same period, outbound investment surged to $9.78 billion, showing an average annual increase of 97 percent. New foreign-funded enterprises jumped 43.7 percent on average every year to 8,098. Annual trade in goods grew 31.3 percent on average, and services 32.3 percent on average.

The island now hosts investors from 176 countries and regions, with its economic openness ratio rising to 35 percent. Hainan also boasts China's most lenient visa-free policy, allowing travelers from 85 countries to enter without a visa.

Contact the writers at masi@chinadaily.com.cn