中国最南端的热带岛屿Hainan被定位为自1980年代首批经济特区以来最具规模的自由贸易改革之一。这个与比利时面积相近的岛屿此前主要是国内旅游目的地，但如今透过更低税率与更宽松的投资规则，试图打造世界最大的自由贸易港。Hainan的海关制度自去年12月起与内地分开运作，这一举措被Xi Jinping称为“标志性”举措，也是中国持续推动制度开放的一部分。其背后目标是吸引更多外资，重振一个长期受房地产景气循环与高层反腐调查拖累的地方经济。

改革上线后，制度设计的核心是将更多货物在价值链上环节加值：只要产品加工带来不少于30%的增值，就可在关税上做到对大陆免税再出口。官方指出，前6周有857百万人民币（Rmb）进口货物节省了129百万人民币税款，并吸引了5,700家外贸企业落户。对外资而言，某些企业与个人可享15%的所得税上限，另有更宽松的基金跨境投资与外资合作规则；Hainan也可在指定区域提供较内地更便捷的医药审批和网络资源。部分企业如Ausca International Oils and Grain报告称原料成本下降，且自去年底起其Hainan产能已有一半以上出口到海外；其出口目标已扩展至十多个国家和地区，正在扩张中。

一些经济学者认为，政策能否实际放大吸引力仍待验证：海南地处外围，与本土被20英里（约32公里）海域分隔，限制了工业集群与港口承载能力，资本密集产业或难复制；与新加坡、香港等自由可兑换货币与完善司法环境的竞争者相比，制度门槛仍高。Ngeow Chow Bing指出，Hainan在中国境内法律层面仅次于Hong Kong，但其偏远地位令外资普遍更谨慎。官方仍押注服务业，特别是旅游、医疗与金融服务，并计划到2035年将Yangpu港年柜量提高四倍；议员们同时呼吁中央补充支持，Cai Qiang也用“起飞阶段最耗油”形容目前的外部资源需求。

Hainan, a tropical Chinese island roughly the size of Belgium, is being pushed as China’s largest free-trade experiment since the 1980s special economic zones. Authorities say the island was split from the mainland customs system in December and is using lower taxes and looser investment rules to become the world’s largest free-trade port, a reform Xi Jinping praised as a key opening-up milestone. Hainan previously relied on domestic tourism and has struggled with long property cycles and anti-corruption damage to local governance.

The policy’s center is to encourage value-added processing: goods with at least 30% added value can be re-exported to the mainland tariff-free. Officials report that in the first six weeks, Rmb857 million in imports saved Rmb129 million in duties and 5,700 foreign-trade enterprises registered. Tax policy includes a 15% income tax cap for some firms and individuals, plus looser rules for overseas investment and pre-approved digital/medical access. In practice, Ausca International Oils and Grain said imported Brazilian soybeans are now cheaper; it exports about half of its Hainan output and has expanded shipments to more than a dozen countries and regions.

Critics warn the gains may be limited because Hainan is remote and has a small internal market, even though it is separated from the mainland by 20 miles (about 32 kilometres). Analysts such as Alicia García-Herrero and others doubt capital-intensive industries can scale because of infrastructure limits, and say matching rivals like Singapore and Hong Kong would require much deeper reforms, including currency and legal changes. Supporters still see service sectors—tourism, medicine, finance—as the most realistic growth path, and authorities aim to quadruple Yangpu port’s annual container throughput by 2035 while seeking renewed central funding as a local-level legislative delegation argued support is declining.