BEIJING - The Chinese Ministry of Foreign Affairs on Wednesday hosted a promotional event to present the Hainan Free Trade Port to the world in Beijing, with Foreign Minister Wang Yi hailing it a new frontier of China's institutional opening up.

China Central Television (CCTV) quoted Wang, a member of the Political Bureau of the Communist Party of China Central Committee, as saying that China is dedicated to advancing development through a high-level opening-up approach.

Wang said China will continue to foster a business environment that is market-oriented, law-based and internationalized, promote high-quality Belt and Road cooperation, and implement the Global Development Initiative.

Wang said that the construction of the Hainan Free Trade Port has gained momentum and the region has attracted an increasing number of regional and global enterprises to invest and operate business, presenting a new and dynamic environment of openness and progress.

"Today's Hainan Free Trade Port has become a new frontier of China's institutional opening up, a new hot spot for regional mutually beneficial cooperation, and a new engine driving economic globalisation," Wang stated.

"Over the past six years, Hainan's trade volumes in goods and services grew at an average annual rate of 22.2 percent and 20.2 percent respectively, while the actual utilisation of foreign investment grew at an average annual rate of 46 percent. Hainan is currently making every effort to turn the whole island into a separate customs zone by the end of 2025, and then Hainan's openness will be elevated to a new level," said Liu Xiaoming, governor of Hainan Province.