A free trade port is the world's most open form of economic zone, which has brought prosperity to places like Singapore and Hong Kong thanks to its broad-based preferential policies on trade and investment. According to a guidance issued by the Communist Party and the State Council, China aims to establish the Hainan FTZ by 2020 and build a Hainan free trade port by 2025. By 2035, Hainan’s free trade system should be completely developed. If Hainan becomes a free trade port, goods could be landed, manufactured, moved around and re-exported without having to go through Chinese customs.

Owing to Hainan's tropical climate, paddy rice is cultivated extensively in the northeastern lowlands and in the southern mountain valleys. Leading crops other than rice include coconut, palm oil, sisal, tropical fruits (including pineapples, of which Hainan is China's leading producer), black pepper, coffee, tea, cashews, and sugarcane.

The hot Hainan yellow lantern chili, a variety similar to the scotch bonnet, is unique to the island, and is grown in the southeast and southwest. Hainan is a major rubber producer, and now produces a substantial amount of China's rubber. Natural rubber is now grown on 246,000 hectares of land. This ranks 6th in the world in harvest area and 5th in terms of output.

Grouper, Spanish mackerel, and tuna constitute the bulk of the catch from offshore fishing grounds. Scallops and pearls are raised in shallow bays and basins for local use and export.

Shrimp production is estimated to have been 120,000 to 150,000 metric tons (130,000 to 170,000 short tons) in 2007, more than 50% of which was exported. Hainan has over 400 hatcheries, most being located between Wenchang and Qionghai.

Hainan is home to over nine million people and is sometimes nicknamed “China’s Hawaii”. The island’s tropical climate and beach resorts make it a popular tourist destination. Hainan Island has a number of beaches, hot springs and other attractions.

Popular tourist destinations include the beaches and resorts in the southern part of the province. Inland is Five Finger Mountain, a scenic area. Tourists also visit the capital of Haikou with area visitor attractions such as Movie Town Haikou and Holiday Beach.

The government of Hainan is expanding the province's medical tourism industry. The provincial government has established the Boao Lecheng International Medical Tourism Pilot Zone in the Bo'ao area. The zone is located six kilometers from the Boao Forum for Asia and covers an 20 square kilometers.

On April 13, 2018, Communist Party general secretary Xi Jinping announced a plan to gradually make the island into a pilot free trade zone by 2020, and transform the entire island into a free trade port by the year 2025. This will involve inviting foreign and multi-national companies to set up their regional and international headquarters in Hainan. The zone will become China's largest free trade zone and the first trade port. Part of the plan is to establish exchanges in commodities and carbon trading, international energy, and shipping. Emphasis will also be placed on the development of service industries including tourism, the Internet, healthcare, finance, as well as conference and exhibitions hosting.

Currently in existence are the following economic and technological development zones:

(1) Haikou Free Trade Zone;

(2) Haikou New & Hi-Tech Industrial Development Zone;

(3) Yangpu Economic Development Zone.

If you have further inquires, please do not hesitate to contact Tannet at anytime, anywhere by simply visiting Tannet’s website www.tannet-group.net, or calling our hotline at 86-755-82143181, 86-755-82143422, or emailing to tannet-solution@hotmail.com. Our experienced consultants will be glad to assist and advice on how to approach your particular challenge.