Professor Bin Sheng, Dean of the School of Economics of Nankai University, member of the Expert Advisory Committee of China (Hainan) Free Trade Zone, and Professor from Center for Transnationals’ Studies, recently accepted an interview with a reporter from China News Service on interpretation of "the master plan of Hainan Free Trade Port" (the master plan thereafter). Professor Sheng also answered questions raised by reporters (published on China News).

The policy highlights of Hainan Free Trade Port have a relatively high level of openness

"`The master plan of Hainan Free Trade Port’ systematically involves tax incentives and preferential treatment for the first time. This is a surpassing of the current free trade pilot zone policy." By Prof Sheng in an interview with a reporter from China News Service recently. It was stated that the tax rate of the Hainan Free Trade Port is comparable to typical free ports such as Hong Kong and Singapore.

Hainan's three modern industries will become the development engine of the free trade port

"In the master plan, the establishment of a modern industrial system extends the positioning of the three major industries in the Pilot Free Trade Zone: tourism, modern service, and high-tech industries. At the same time, it further emphasizes some characteristic industries or sectors. In the future, it will become the growth pole or engine of Hainan Free Trade Port." Prof. Sheng said in an interview with reporters.

"The selection and establishment of these industries reflects the characteristics and realistic foundation of Hainan's `tropical island’, `tourist island’, `ecological island’ and the goal of building a `smart island’. It also reflects the consumption needs and services of Hainan Free Trade Port Trade-oriented are different from the industrial structure characteristics of other domestic pilot free trade zones." Prof. Sheng said.