In the past few years, China has intensified its drive for reform and opening-up through policy experimentation in selected regions or cities, most notably the various pilot Free Trade Zones (FTZs), the Guangdong–Hong Kong–Macao Greater Bay Area (GBA), the plan to build Shenzhen into a pilot demonstration area of socialism with Chinese characteristics, and the latest plan to develop Hainan Free Trade Port (Hainan FTP). These initiatives are also important platforms for China to participate in the international economic system, i.e., the ‘international circulation’ in the ‘dual circulation’ strategy. In this report, we will take a look at the areas of focus and latest developments of Hainan FTP, and the implications for the GBA.