An Innovative Path of the Hainan Free Trade Port from the Perspective of Global Experience

Abstract

The construction of the Hainan Free Trade Port (FTP) should not only exploit the advantages of the socialist system with Chinese characteristics but also research and draw on the advanced institutions and successful experience of typical international free trade ports. The emergence of typical international free trade ports in Singapore, Dubai, and Chinese Hong Kong depends on an embedded international economic and trade order and institutional innovation practices. Both conditions are interactively embedded through a series of institutional designs with similar characteristics. The paper sorts out the necessary factors of the successful practice of typical international free trade ports, and proposes that the Hainan FTP should continue to exert its advantages by building on existing institutional innovation. At the same time, it should actively embed the regional multilateral international and economic and trade landscape represented by the Belt and Road Initiative and expedite institutional innovation and reform, and development in different fields, to create a socialist free trade port with Chinese characteristics.

Keywords

Hainan Free Trade Port / typical international free trade ports / institutional innovation

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Higher Education Press