China on Thursday 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.
Hainan's natural environment is its greatest advantage, and its economic development must not be pursued at the expense of the environment. The law stipulates the strictest ecological and environmental protection system, implementing the one-vote veto system for environmental protection and lifelong accountability for damage to the ecological environment.
Last June, China released a master plan to build the island into a globally influential and high-level free trade port by the middle of the century.
"The law on Hainan free trade port transforms the decisions and arrangements of the Communist Party of China Central Committee into law. It is of vital importance to comprehensively deepening reform and advancing law-based governance," said Lyu Wei, a member of the 13th National People's Congress Standing Committee.
The world is facing a new round of major changes, with economic globalization encountering greater headwinds. However, China has never slowed its pace in pushing forward opening-up and promoting economic globalization.
The enactment of the Hainan FTP law demonstrates China's unswerving determination in broadening opening-up and building an open world economy, said an official with the legislative affairs commission of the NPC Standing Committee.
Hainan will establish a legal system based on the FTP law, and build a law-based government and a world-class legal environment, said Shen Xiaoming, Party chief of Hainan.
According to the law, Hainan can formulate regulations on the FTP construction in light of specific circumstances and actual needs, which means that Hainan is granted more legislative and reform autonomy.
"We are speeding up the local legislation, especially in key areas including bankruptcy, fair competition and commercial deregistration," said Hu Guanghui, deputy director of the Standing Committee of Hainan Provincial People's Congress.
PLA lawfully responds to U.S. aircraft flying through Taiwan Strait
The People's Liberation Army monitored and responded lawfully on Wednesday to a United States patrol aircr...(4364)人阅读时间:2024-04-18China issues guideline to raise annual food yield
The central government has unveiled a closely watched guideline aimed at increasing the nation's annual fo...(4568)人阅读时间:2024-04-10China's largest land port handles over 5 mln metric tons of imports and exports in Q1
(ECNS) -- China's largest land port Manzhouli handled over 5.48 million metric tons of imports and exports...(4387)人阅读时间:2024-04-04Number of foreign visitors to China sees significant rebound
(ECNS) -- China recorded 2.945 million inbound and outbound trips made by foreigners in the first two months o...(4429)人阅读时间:2024-03-29Nations push for safe development of nuclear energy
More than 30 heads of state, government leaders, senior representatives and chiefs of international organizati...(5485)人阅读时间:2024-03-24PLA lawfully responds to U.S. aircraft flying through Taiwan Strait
China issues guideline to raise annual food yield
China's largest land port handles over 5 mln metric tons of imports and exports in Q1
Number of foreign visitors to China sees significant rebound
Nations push for safe development of nuclear energy
China launches relay satellite Queqiao 2
Myopia rate among Chinese children, teenagers falling
Foreign Ministry helped thousands of overseas Chinese, Wang says
PLA lawfully responds to U.S. aircraft flying through Taiwan Strait
China issues guideline to raise annual food yield
China's largest land port handles over 5 mln metric tons of imports and exports in Q1
Number of foreign visitors to China sees significant rebound
Nations push for safe development of nuclear energy
China launches relay satellite Queqiao 2
Myopia rate among Chinese children, teenagers falling
Foreign Ministry helped thousands of overseas Chinese, Wang says