(Yicai Global) Aug. 25 -- Chinese regulators have received a detailed plan from Hainan province regarding the transformation of the island getaway into the country’s largest free trade zone and is expected to approve and make them public soon, Yicai Global has learned.

The much-anticipated preferential policies are expected to include the relaxing of controls on cross-border service trades and market access, such as the negative lists for overseas investment which restricts the types of industries that foreigners can invest in, as well as the zero-tariff list and the planning layout.

The zero-tariff list is of particular interest. Most production materials, raw materials, means of transportation and consumer goods for the island’s residents are likely to be managed under a positive list, except for some production materials which will be managed under a negative list.

The policies also include the refueling of domestic and international flights in and out of Hainan Island with duty-free aviation fuel, the refueling of transiting international ships in Yangpu Port with duty-free oil, the negative list for foreign investment, the negative list for market access and the credit system.

"The formulation of these policies will make the overall plan more specific and actionable," Wang Yiwu, head of the Hainan Modern Management Research Institute, told Yicai Global.

Which consumer goods will be available for the island’s residents is important, Wang said. "Only in this way can local residents enjoy the direct benefits of building the province into a free trade port."

Editors: Tang Shihua, Kim Taylor