China: "Hainan Free Trade Port Has No Impact on Hong Kong's Status"

[Asia Economy Beijing=Special Correspondent Park Sun-mi] The Chinese government has stated that the plan to build a free trade port in Hainan will not negatively affect Hong Kong's status.

On the 8th, Lin Nianshu, Deputy Director (Vice Minister) of the National Development and Reform Commission of China, said at a press briefing, "Hainan and Hong Kong have completely different positions." He added, "Hong Kong is an important global financial, trade, and shipping hub, while Hainan will leverage its abundant natural resources, unique geographical location, and accessibility to large markets to promote trade and investment, as well as the development of tourism, services, and advanced industries."

Deputy Director Lin explained, "Hainan will learn a lot from places like Hong Kong, Singapore, and Dubai and will comply with international norms." He also said, "We will strengthen cooperation to jointly develop Hainan as part of the Guangdong-Hong Kong-Macao Greater Bay Area." He continued, "We will work together for Hong Kong's security, long-term stability, and prosperity," adding, "We firmly uphold the One Country, Two Systems principle."

Deputy Director Lin's remarks are interpreted as reflecting international concerns that the development of Hainan as a free trade port could shake Hong Kong's status as a symbol of openness and liberalization, and that in the mid-to-long term, Hainan could play a substitute role for Hong Kong.

According to the "Overall Plan for the Construction of Hainan Free Trade Port" released last week by the State Council of China, Hainan aims to establish a basic system for a free trade port focused on trade and investment liberalization by 2025 and achieve liberalization in domestic and foreign capital flows, entry and exit, and logistics by 2035. Zero tariffs will be applied to goods, and various attempts to lower market entry barriers to promote opening in the service sector are planned.

This content was produced with the assistance of AI translation services.