China recently passed a law on the Hainan Free Trade Port (FTP), making institutional arrangements for the construction of the Hainan FTP at the national legislative level.
Analysts believe that the law will lay a solid legal foundation for the construction operations, ensuring Hainan's opening-up and development based on the rule of law.
The law clarifies that the Hainan FTP covers the whole island, and establishes policies and systems in steps or phases to realize the liberalization and facilitation of trade, investment, the cross-border flow of funds, personnel exit and entry, and transportation, and ensure the secure flow of data.