Sanya, in Hainan Province, could be transformed through a new partnership, between Chinese corporate monolith Ping An and the local municipal government, that says it aims to develop a new "Smart City". Photo: iStock

The Hainan Pilot Free Trade Zone has lowered the threshold for foreign investors, especially in modern agriculture, high-tech and the modern service industry, The Paper reported.

According to the overall plan released on Tuesday, the central government has given approval authority for foreign investment in value-added telecommunications services to Hainan province.

The foreign shares ratio limit on the design, manufacturing and maintenance of ship and general aircraft has also been cancelled.

Wholly foreign-owned construction enterprises established in the Hainan Pilot FTZ are now allowed to undertake construction projects in the area, which are not subject to the investment ratio of Chinese or foreign investors.

Restrictions on foreign shares of international maritime transport companies and international shipping agencies, are also removed, as are those on electric vehicle makers.