China is planning to transform an island the size of a small country into a sprawling hub for foreign investment, gambling, tourism, and luxury.

Xi Jinping's government announced its plans for Hainan last month. It said it would encourage the horse racing, gambling, and water sports industries to the island known as the "Hawaii of the East."

This is a big deal: The Chinese Communist Party bans its members from playing golf, prohibits gambling, and only allows occasional horse-racing.

Scroll down to learn more about the island destined to become China's biggest playground.