In a recent news report on Xinhua News Agency, the Communist Party of China and the State Council announced the Overall Strategy for the Construction of Hainan Free Trade Port (HFTP) to foster Hainan into China’s financial, trade and investment centre. The strategy to construct the HFTP has three stages for each period. Authorities are utilizing latest technologies as part of their efforts and see DLT ( Distributed Ledger technoology) as a powerful tool to manage FTP network.
The Chinese authorities are devoted to increasing the application of blockchain to various fields such as intellectual property trading and authentication and finding new models suitable for the building of FTPs. The idea to develop the HFTP unveiled China’s intention not to be pushed by the US in the context of the escalating conflict between the US and China due to the enactment of the HK Security Law (HKSL), the government revealed that it is aiming at making Hainan a substitute for HK.