Aerial photo taken on Jan. 6, 2021 shows the Yazhou Bay Science and Technology City under construction in Sanya, south China's Hainan Province. The science and technology city is expected to give technological momentum to the construction of the Hainan free trade port. (Xinhua/Yang Guanyu)

The Hainan free trade port aims to finalize preparations for customs clearance before the end of 2024, according to media reports on Sunday, citing the local government work report.

The island province has plans to create a free trade port policy and necessary institutional mechanisms during throughout the 14th Five-Year Plan (2021-25), strives aiming to make ensure hardware requirements ready for customs clearance by the end of 2023 before completing all the preparations for customs clearance before the end of 2024, Feng Fei, acting governor of Hainan said Sunday while delivering the province's government work report, according to chinanews.com.

A master plan for the Hainan free trade port released by the central government on June 1, 2020 specified the vision of kicking off customs clearance for the entire island at an opportune time before 2025.

The 14th Five-Year Plan (2021-25) is a key period for the bundling construction of the free trade port with Chinese characteristics, Feng stated, noting the province pushes for benchmark projects such as real-world clinical data application to be among the world's top ones.

There will also be efforts to advance strengthening the local business environment with an aim to be among the country's first-tier and to make breakthroughs initially in reforms in key areas including investment and financing, land management, park construction and state capital and state-owned enterprises, according to Feng, and the island province of Hainan also plans to attract more scientists, leading and professional talent. 

Throughout this year, the province is set to achieve a phased target of building a social management information platform,  improve improve a dynamic services management mechanism for visitors entering Hainan without a visa and operate a joint control and prevention mechanism  against smuggling between Hainan, Guangdong and Guangxi. A regulatory regime will also be put in place to align with high-level international economic and trade rules.

Global Times