Island-wide special customs operations of Hainan FTP represents China's stance against protectionism: expert

The launch of island-wide special customs operations of Hainan Free Trade Port (FTP) represents China's clear-cut stance against protectionism and a major step toward promoting economic globalization, said Huang Hanquan, a Chinese economist.

Huang, head of the Chinese Academy of Macroeconomic Research, made the remarks during the latest episode of China Economic Roundtable, an all-media talk show hosted by Xinhua News Agency.

The Thursday launch marks a major milestone in the opening-up drive of the world's second-largest economy. This move sends a tangible message to the world: China has made a significant decision to open up further, Huang said.

It also aims to set a benchmark for higher-level opening-up, inject new momentum into upholding multilateralism and free trade, and foster inclusive and universally beneficial economic globalization, according to Huang.

"It is a strategic move to align with high-standard international economic and trade rules and steadily expand institutional opening-up," Huang noted. "This provides an important platform for China to better adapt to and utilize international economic and trade rules while actively participating in their formulation."

Huang believes that China's economy has transitioned from rapid growth to high-quality development and is now at a critical stage of transforming growth model, optimizing economic structure, and shifting growth drivers.

As a key testing ground for reform in China, Hainan shoulders the important mission of paving new paths and accumulating fresh experience for building a high-standard socialist market economy, particularly in key areas such as trade and investment, fiscal and financial systems, and government regulation, Huang added.