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China to set up Hainan free trade zone by 2020, port by 2025: Xinhua

Reuters  |  SHANGHAI 

(Reuters) - aims to establish a free trade zone in by 2020 and will encourage multinationals to set up their international and regional headquarters there, as part of plans to open up the province's economy to foreign investors.

The guidance, published on the government's official website, was jointly issued by the ruling and It comes after announced on Friday that the country would grant foreign firms greater economic freedom in the southernmost province.

Known for its sandy beaches and resort-lined coast, is the headquarters of China's conglomerate HNA. This week, the province hosted the Boao Forum - Asia's equivalent of

The document said that the government would set up an investment fund to support the building of a free trade port in by 2025, with the aim that the system will become "mature" by 2035.

It will phase out sales of traditionally fuelled vehicles for greater environmental conservation in Hainan, and encourage foreign firms to participate in the building of the port.

It will also allow sports lottery games as well as horse-racing as part of plans to promote the development of the province's tourism industry.

reported in February that was considering allowing sports betting or a lottery on Hainan in a move that could open the door to physical casinos. The former Portuguese territory of is currently the only place on Chinese soil where casino gambling is permitted.

The plan for Hainan did not mention gambling or casinos.

(Reporting by Brenda Goh; Editing by Toby Chopra)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Sat, April 14 2018. 20:38 IST