Hainan is China's largest special economic zone by area. On June 1, 2020, the Central Committee of the Communist Party of China and the State Council issued the Overall Plan for the Construction of Hainan Free Trade Port (the "FTP Plan") to provide for implementing the Hainan Free Trade Port system throughout Hainan Island. The FTP Plan is the cornerstone of China's support for Hainan to gradually explore and steadily promote the construction of a free trade port with Chinese characteristics, and to incrementally establish free trade port policies and systems. The FTP Plan also demonstrates China's determination and efforts to take to a new level of the promotion and development of an open economy.