China released an overall plan for the construction of Hainan Free Trade Port (FTP) on June 1, and held a press briefing on Monday to elucidate the plan, reaffirming China’s resolve to further open up.

The plan, a mega project to turn China’s southernmost province into a globally-influential free trade port, will surely generate a huge impact on the nation’s economy and accelerate its integration into the global economic system.

This plan comes naturally as a result of historical developments. Back in the 1980s, the island was designated a special economic zone. Hainan thus has grown from a remote island into an indispensable window of China's reform and opening-up. Then in 2018, Chinese President Xi Jinping announced the decision to build a pilot free trade zone covering the whole island and explore the establishment of a free trade port with Chinese characteristics.

Hainan has such a “privilege” thanks to its unique geographic location. At the center of the Asia-Pacific economic circle, the island province is a key link on the Belt and Road, with ready access to international shipping routes of the South China Sea. From January to April this year, Hainan's actual use of foreign investment reached around $316 million, up 252.3 percent year on year. The province saw 110 newly-established foreign-funded companies, covering fields of trade, investment, medicine and logistics. Its ecological advantages and abundant tourism resources make it known as China’s Hawaii.

Building the Hainan FTP is also a corollary to the ongoing global situation. Facing a new round of major changes and adjustments, with protectionism and unilateralism on the rise and the havoc of COVID-19 pandemic, economic globalization is encountering greater headwinds. The release of Hainan FTP at this time demonstrates to the world China's firm determination to safeguard economic globalization.

The mega plan promises better and more expanded liberalization and facilitation of trade, investment, cross-border capital flow, personnel flow, and transportation, as well as the secure and orderly flow of data. It also envisions grasping opportunities in the technological and industrial revolution, focusing on tourism, modern services and high-tech industries to foster new competitive edges for the island.

China’s plan for the Hainan FTP will inject new impetus into the global free trade and acceleration of world economic recovery. It is a witness to China’s continued opening-up, a resolution of promoting economic globalization, and an invitation to the world to share China’s rosy opportunities.