Hainan eyes higher-quality development

By introducing 28 new measures recently to propel the high-quality growth of the Hainan Free Trade Port, especially by facilitating faster goods and services trade, the government has not only responded to the demand of the market players but also aims to achieve the higher-level and phased development goals by 2025.

That certain countries have, of late, resorted to protectionist measures has severely disrupted the global economic and trade order, increased the cost of resources and posed a challenge to economic globalization, thereby undermining the growth of the least-developed countries and developing economies. In addition, the COVID-19 pandemic has increased global uncertainties, further slowing the pace of global economic recovery.

The 28 new measures, jointly introduced by the Ministry of Commerce and other 19 central government departments, will not only provide strong policy support for the development of the Hainan Free Trade Port and promote the "dual circulation" development paradigm－which is centered on the domestic economy, with the domestic and foreign markets reinforcing one another－but also show China's determination to further liberalize international trade, help develop an open world economy and expedite globalization.