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Hainan, a tropical island in the South China Sea, is being transformed into a Free Trade Port (FTP) to attract foreign investment. The FTP will allow goods with at least 30% local value added to enter China tariff-free.

Key features include liberalized customs procedures and the aim to enhance healthcare and satellite services. The initiative is part of China's strategy to expand its economic openness, with Hainan serving as a testing ground for institutional reforms in various sectors.