HAIKOU, Jan. 14 (Xinhua) -- South China's tropical island province of Hainan is intensifying efforts to build itself into a free trade port (FTP), aiming to establish independent customs operations by the end of 2025, according to a government work report presented at the annual session of the Hainan Provincial People's Congress, which opened on Tuesday.

This year Hainan plans to introduce key policies, including a catalog of taxable imported goods, a list of prohibited and restricted items for import and export and customs supervision regulations, the report stated.

According to Chi Fulin, head of the Hainan-based China Institute for Reform and Development, the independent customs operations will leverage the province's strategic geographic location, strengthening its role as a key hub for economic and trade cooperation between China and other member countries of the Regional Comprehensive Economic Partnership (RCEP), and for the development of the China-ASEAN Free Trade Area.

China released a master plan in June 2020 to build Hainan into a globally influential, high-level free trade port by the middle of the century.

With the building of the Hainan FTP, the number of newly registered foreign trade companies in the province has surpassed 70,000 since June 2020, contributing significantly to the growth of Hainan's foreign trade.