Is Hainan the next Hong Kong? That’s the wrong question to ask

On December 18, China made a bold move on the global economic chessboard. It launched a massive free-trade experiment by turning the entire island province of Hainan – an area, comparable in size to Belgium, whose gross domestic product was US$113 billion last year – into a duty-free customs zone. A new narrative has now taken hold: with its free-trade port status, Hainan is on track to rival or even supplant Hong Kong. Having followed this development closely, I believe this comparison is...