China adopts the Hainan Free Trade Port Law

June 2021

On 10 June 2021, China's top legislature passed the Hainan Free Trade Port Law (“FTP Law”), which has taken effect immediately upon its issuance. The adoption of the FTP Law demonstrates a key move to convert the policies and incentives provided in the Hainan Master Plan (announced in June 2020) into effective and mandatory law. The enactment of the Hainan FTP Law is expected to serve as a pillar for transforming Hainan, a China southern tropical island, into a globally influential high-level free trade port.