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The whole system is scheduled to be primarily completed by 2025, and the next two or three years will be time for Hainan to make breakthroughs in turning the pilot program into a real FTP by pooling quality resources and building an open and law-based governance environment with a global perspective. The first negative list for cross-border trade in services for Hainan Free Trade Port (FTP) was issued on July 26. Since the overall plan for the Hainan FTP was released in June last year, the province has formulated over 140 policies designed to promote development of the FTP. [Extracted from the article]

The article offers information on several key terms in relation to the reform and opening-up policy in China such as agricultural tax abolition, acceleration of the free trade zone (FTZ) strategy, and the Guangdong-Hong Kong-Macao Greater Bay Area. Information on the benefits of the terms in the economy and social development in the country is also given.

The article highlights the transformation of Hainan Island, China into pilot free trade zone. Topics discussed include need for launching of free trade policies in the areas of tourism, shopping and education; efforts of government for opening up the healthcare market by making imported drugs and medical facilities more accessible; and information on abolishment of Urban-rural disparities to enable rural residents to obtain stable property income.