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Xi stresses high standards in building Hainan Free Trade Port

China

China

China

Xi stresses high standards in building Hainan Free Trade Port

2025-11-06 20:09 Last Updated At:21:37

Chinese President Xi Jinping stressed adopting high standards in building the Hainan Free Trade Port (FTP) on Thursday.

Xi, also general secretary of the Communist Party of China (CPC) Central Committee and chairman of the Central Military Commission, made the remarks when hearing a work report in Sanya, south China's island province of Hainan, on the building of the Hainan FTP.

Building the Hainan FTP is a major policy made by the CPC Central Committee to comprehensively deepen reform and opening up in the new era, Xi said.

He stressed earnestly studying and implementing the guiding principles of the fourth plenary session of the 20th CPC Central Committee, and called for achieving the targets of the Hainan FTP development in all respects via close coordination, proactive actions and sustained efforts.

The Hainan FTP will officially launch island-wide special customs operations on Dec 18 this year, which Xi said is a landmark move taken by China to unwaveringly expand high-standard opening up and promote the development of an open world economy.

The strategic goal of developing the Hainan FTP is to build it into an important gateway to steer China's opening-up in the new era, Xi stressed.

To realize the strategic goal, efforts should be made to fully implement the Master Plan for the Development of Hainan Free Trade Port and the Hainan Free Trade Port Law, and develop policy and institutional systems compatible with a high-standard FTP step by step, he said.

Xi stressed the necessity to steadily expand institutional opening up, and further advance trade and investment liberalization and facilitation.

It's important to enhance opening up based on the flow of goods and factors of production, and construct a more open talent introduction mechanism, he said.

The main objective of developing high-standard Hainan FTP is to promote high-quality development in Hainan and contribute to the nation's efforts in building a new development pattern, Xi noted.

He called for efforts to build a modernized industrial system that fully leverages the characteristics and strengths of Hainan, upgrade leading industries, facilitate full integration between sci-tech innovation and industrial innovation, and make new breakthroughs in fostering new quality productive forces.

Hainan should strengthen coordinated development with the Guangdong-Hong Kong-Macao Greater Bay Area, deepen regional cooperation with the Beijing-Tianjin-Hebei region, the Yangtze River Delta, and the Yangtze River Economic Belt, fully integrate into the Belt and Road Initiative, and play a leading role in advancing high-level opening up, Xi said.

Noting that ecology is one of Hainan's major advantages, Xi said that the province should make continued efforts in promoting coordinated land and maritime development, address prominent environmental issues, and advance the high-quality development of the national pilot zone for ecological conservation.

Measures should be taken to ensure that public services are inclusive, meet essential needs, and provide a cushion for those most in need, Xi said, adding that Hainan should work to resolve the pressing difficulties and problems that concern the people most, so as to make solid progress toward prosperity for all.

Xi stresses high standards in building Hainan Free Trade Port

Xi stresses high standards in building Hainan Free Trade Port

Xi stresses high standards in building Hainan Free Trade Port

Xi stresses high standards in building Hainan Free Trade Port

The restricted navigation through the Strait of Hormuz has triggered significant disruptions across the international shipping sector, driving up shipping costs and legal pressures related to shipping.

Iran has restricted navigation through the Strait of Hormuz, a vital strategic waterway linking the Persian Gulf to the Indian Ocean, as part of its response to U.S. and Israeli military attacks that started on Feb 28.

The partial blockade of this vital global energy route has not only impacted global energy supplies but also caused a ripple effect on energy trading, shipping operations, and the insurance market.

Wai Yue Loh, partner of DAC Beachcroft, and a specialist in shipping, trade, commodities and insurance law said he has been dealing with questions from shipping clients after the conflict in Iran broke out.

He said the commodities traders bear the brunt of Strait of Hormuz crisis and explained the interconnected vulnerabilities across the three industries most affected.

"It's easy to forget that the first industry directly affected would be the commodities traders who are buying and reselling crude oil coming out from the Middle East. Crude oil cargoes from this region account for about 25 percent or more of the world's crude oil supplies. The second industry affected would be the shipowners or the ship operators whose ships are chartered by these commodities traders, in simple terms hired by these commodity traders, to carry these cargoes from the Persian Gulf to refineries around the world for refining. These refined products are then on-sold to other buyers worldwide. The third would be the insurance industry that provides, amongst other things, war risk cover for ships that are trading globally," he said.

With the rising risks of war, shipping companies face not only security challenges but also complex legal issues such as rising insurance costs, increased uncertainty in contract performance, and the apportionment of liability, he added.

Hormuz Strait crisis delivers severe blow to global shipping industry

Hormuz Strait crisis delivers severe blow to global shipping industry

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