By Thierry on Jul 31, 2020
The tropical Hainan free trade port will have the highest degree of openness in the world. 32 years ago, Hainan was established by the Chinese government. It was later designated as a special economic zone to attract foreign investments with preferential tax rates. In 1992, Hainan established an economic zone that was to be fully developed by foreign investors. Later on, China took a visa on arrival approach within Hainan to promote the attraction of possibilities for foreign investment. For decades, Hainan has had the foundation of a special economic zone in place. This made it a prime candidate to become a free trade port. In 2018, a pilot free trade zone was established to test the waters to see how a free trade port would operate on the island. 2 years later in 2020, the official master plan was announced to turn Hainan island into a truly open environment at the highest level.