Under new plans to transform Hainan Island in southern China into a pilot free trade zone, the province will be made to shift from import-export trading and manufacturing towards developing its tourism, modern service sector and hi-tech sectors. Its development is hoped to drive regional development and offer an example for other areas, Shanghai-based news portal
yicai.com reports.
The site editorializes that government support and entrepreneurship have and will continue to play an important role in Hainan’s development, but a favorable economic and trade environment is also critical.
In a bid to build Hainan into a free trade port, both the central and local governments should eye international competition, the editorial says. Compared with Singapore and Hong Kong SAR, Hainan’s government services and business environment is underdeveloped and must improve.
Nationwide efforts to streamline administration and delegate powers to lower levels have aimed to build a service-oriented government. But if Hainan hopes to compete globally, these areas need further reform to meet international standards, yicai.com says.
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