China Planning to Use Blockchain to Create a Free Trade Port in Hainan
China is promoting the construction of a free trade port in Hainan as a substitute for Hong Kong (HK). The Chinese authorities expressed their willingness to actively foster free trade ports by using cutting-edge tools including blockchain and distributed ledger tech (DLT).
As per Xinhua News Agency’s report, 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 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.