Editor's note: This year marks the 70th anniversary of the founding of New China.

On April 26, 1988, the Hainan provincial government was established after the National People's Congress, the country's top legislature, gave Hainan island provincial status and announced it had been designated as a special economic zone.

An item from May 5, 1988, from China Daily showed events celebrating the new designation.

Since then, Hainan has become a magnet for investment and has developed a large tourist infrastructure.

The province's GDP reached more than 483 billion yuan ($72 billion) last year, about 84 times the level in 1987, according to local authorities.

Hainan received approval in April last year to build the nation's 12th pilot free trade zone. China also plans to establish a free trade port in the province by 2025.

With rapid economic development and good climate, Hainan has proved itself an excellent host for major events after a series of high-profile activities.

The first Boao Forum was held there in 2002 and the latest edition just concluded last month.

While attracting global attention, the island has been making progress toward its goal of becoming a world-class tourist destination.

The number of overseas tourists to the province reached 1.33 million last year, up nearly 23 percent year-on-year, according to statistics from local authorities.

Visa policies have been eased in the province.

Travelers from 59 countries and regions can visit Hainan for 30 days visa-free.

Earlier this year, Hainan unveiled plans aimed at building the tropical island into a world-class medical tourism hub.

The move follows a plan released by the National Development and Reform Commission to encourage a wide and diversified range of tourism-related activities in Hainan, such as medical tourism, horse racing, sports betting and an instant lottery.