Initialism of free trade port, a port that is a free trade zone.
Chinese officials gush about their decision to turn the tropical island of Hainan into the world’s largest free-trade port (FTP). They describe the move, which took effect in December, as a “substantial leap” in the country’s opening to foreigners seeking to tap China’s vast markets. […] When China’s leader, Xi Jinping, first announced the free-trade plan for Hainan in 2018, some observers wondered whether he intended to build a new Hong Kong—a free-trade hub that plays a vital role for foreigners as a gateway to China’s markets and as a China-linked financial centre. For now, Hainan’s ambitions are more modest, even though the area covered by the FTP is huge: the island is nearly the size of Taiwan and 30 times bigger than Hong Kong. But it is taking a leap. The new FTP means that 74% of goods can now enter the island without tariffs. They can be shipped to the mainland on the same zero-levy terms as long as they undergo processing in Hainan that adds at least 30% to their value. To lure investors and talent, taxes on firms in strategic sectors and on high earners will be capped at 15%. That compares with 35% and 45%, respectively, on the mainland.