China: "Hainan, Socialist Free Trade Port... Complementing, Not Competing with Hong Kong"

[Image source=Yonhap News]

[Asia Economy Reporter Jeong Hyunjin] As the Chinese government presented a blueprint to develop Hainan Island into a world-class free trade zone, it announced a principle to ensure that it complements rather than competes with Hong Kong, and that there will be no ideological gaps.

According to the South China Morning Post (SCMP) and others on the 8th, Liu Cigui, Party Secretary of Hainan Province, stated at a joint briefing held at the State Council Information Office building in Beijing on the plan to build the Hainan Free Trade Port, "The Hainan Free Trade Port is a free trade port under the socialist system with Chinese characteristics," emphasizing this point.

He said, "We will not tolerate acts that threaten national security or ideologically destroy the socialist system," stressing that the Hainan Free Trade Port will strictly regulate smuggling, gambling, prostitution, and drugs in the future. This was to draw a line against expectations from some quarters that gambling industries like horse racing, as in Macau, might be selectively permitted in Hainan.

Secretary Liu also said, "Opening the door can only be based on thorough management," and that various risks will be strictly controlled. This is interpreted as expressing the will to prevent incidents like the pro-democracy protests that have continued in Hong Kong since last year, even if a free trade port is established in Hainan.

On the same day, Lin Nianshu, Deputy Director (Vice Minister) of the National Development and Reform Commission, said, "The status of the Hainan Free Trade Port and Hong Kong are different, and the key industries for development are also different," adding, "Rather than a competitive relationship, there is strong complementarity, so it will not cause a shock to Hong Kong."

Meanwhile, Chinese government officials emphasized on the day that China will accelerate the construction of the Hainan Free Trade Port. Earlier, on the 1st, the Chinese State Council announced a plan to build the Hainan Free Trade Port as a long-term national strategic initiative. China has set a goal to develop Hainan Island into a globally influential free trade port by around 2050.

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