The State Council has officially agreed to set up a pilot Free Trade Zone in Hainan, an island province at the southern-most point of China, Securities Daily reported.

The State Council has also released an overall development plan for the island, which clarified that the Hainan FTZ will further open up to foreign capital, especially in the industries of modern agriculture, high-tech and modern services.

In particular, the seed industry, medical care, education, tourism, telecommunications, Internet, culture, finance, aviation, marine economy and new energy vehicle manufacturing are circled as key areas.

Wang Sheng, director of Hainan Provincial Foreign Affairs Office, believes that Hainan’s unique geographical location and strategic position will help determine the province’s important role in serving the country’s major strategies, such as the highly successful “Belt and Road” policy.