1、 In the past few years, China has intensified its drive for reform and opening-up through policy experimentation in selected regions or cities, most notably the various pilot Free Trade Zones (FTZs), the GuangdongHong KongMacao Greater Bay Area (GBA)1, the plan to build Shenzhen into a pilot demonst

2、ration area of socialism with Chinese characteristics, and the latest plan to develop Hainan Free Trade Port (Hainan FTP). These initiatives are also important platforms for China to participate in the international economic system, i.e., the international circulation in the dual circulation strateg

3、y2. In this report, we will take a look at the areas of focus and latest developments of Hainan FTP, and the implications for the GBA. 1 For an analysis of the Outline Development Plan for the GuangdongHong KongMacao Greater Bay, see https:/ 2 For a general overview of the dual circulation strategy,

4、 see https:/ Hainan Free Trade Port and its Implications for the Greater Bay Area Helen Chin Vice President E: William Kong Senior Research Manager E: Sophie Zhang Senior Research Manager E: Fung Business Intelligence 1/F LiFung Tower 888 Cheung Sha Wan Road Kowloon, Hong Kong T: (852) 2300 2470

5、F: (852) 2635 1598 E: W: http:/ Dual Circulation Series Driving Chinas opening-up and international circulation 8 June 2021 Issue 6 2 Dual Circulation Series Issue 6 8 June 2021 I. Construction of Hainan Free Trade Port 1. Background On 1 June 2020, the Communist Party of China (CPC) Central Commit

6、tee and the State Council released the Master Plan for the Construction of Hainan Free Trade Port (the Master Plan hereafter) to transform the entire Hainan Island into a highlevel free trade port.3 The Master Plan is now being written into law the Hainan Free Trade Port Law the second draft of whic