xinhua silk road logo xinhua silk road logo
Subscribe CustomBlackClose

Belt & Road Weekly Subscription Form

download_pop

Research ReportCustomBlackClose

The full edition of the report is available at Xinhua Silk Road Database. You can click the “Table of Content” to have a general understanding of it.

Click on the button below to create your account and get immediate access to thousands of articles.

Start a Free Trial

maritime silk road search
Trade

China's island province reports robust growth in foreign trade

September 11, 2019


Abstract : China's largest free trade zone Hainan recorded a 40-percent growth in foreign trade in the first seven months of this year, the second fastest among all Chinese provinces and regions, thanks to continous opening-up and deepened ties with Belt and Road countries.

HAIKOU, Sept. 10 (Xinhua) -- China's largest free trade zone Hainan recorded a 40-percent growth in foreign trade in the first seven months of this year, the second fastest among all Chinese provinces and regions, thanks to continous opening-up and deepened ties with Belt and Road countries.

The southern province exported 19.17 billion yuan (about 2.7 bln U.S. dollars) worth of goods in the period, up 43 percent year-on-year, while imports totaled 34.93 billion yuan, an increase of 38.8 percent year on year, according to the latest data from Haikou Customs.

The island's trade with countries along the Belt and Road reached 19.59 billion yuan, an increase of 23.3 percent year on year. Its trade with members of the Association of Southeast Asian Nations (ASEAN) surged 62.1 percent to 15.15 billion yuan.

"The performance is attributed to not only deeper cultivation of traditional markets, but also further exploration of Belt and Road markets," said Ju Chunmei, director of Haikou Customs' statistics and analysis unit.

Hainan, a remote and underdeveloped place for the exiled in ancient times, has been catapulted into the frontier of China's reform and opening-up since the 1980s, with a slew of favorable policies rolled out to develop tourism and solicit investments.

Despite the economic headwinds blowing from its cooling property market, Hainan is eyeing new momentum after it was in 2018 granted approval to build a pilot free trade zone and explore the establishment of a free trade port with Chinese characteristics.

The latest foreign trade figure adds to the series of official statistics that testify to its greater opening up. The scenic province received 38.6 million tourists in the first six months of this year, up six percent year on year, by developing rural tourism, duty-free stores and the cruise service industry.

It also marked a significant increase in foreign investment in the first half of this year, with foreign investment actually utilized rising 3.6 times over the same period of last year.

Scan the QR code and push it to your mobile phone

Keyword: Hainan foreign trade

Reading:

MOI cooperates with 13 investment partners on implementing InnoSpace (Thailand), aiming to improve Thai startups' global competitiveness

ASEAN and China discuss to open up more goods and investment markets; Thailand calls for China's support in Kunming-Chiang Rai R3A highway project to create more trade opportunities

6th China (Lianyungang) Silk Road Int'l Logistic Expo opens in E. China

2019 Sino-Russian Financial Cooperation Roundtable held Tue. for common development

China Focus: Chinese enterprises eye enhanced compliance management amid going global

Write to Us belt & road login close

Do you want to be a contributor to Xinhua Silk Road and tell us your Belt & Road story? Send your articles to [email protected] and share your stories with more people.

Click on the button below to create your account and get im http://img.silkroad.news.cn/templates/silkroad/en2017te access to thousands of articles.

Start a Free Trial

Ask Us A Question belt & road login close

If you have any questions, please enter them in the box below.

Reload

Write to Us belt & road login close

Do you want to be a contributor to Xinhua Silk Road and tell us your Belt & Road story? Send your articles to [email protected] and share your stories with more people.

Click on the button below to create your account and get im http://img.silkroad.news.cn/templates/silkroad/en2017te access to thousands of articles.

Start a Free Trial