Xinhua Silk Road - Belt and Road Portal, China's silk road economic belt and 21st Century Maritime Silk Road Website Xinhua Silk Road - Belt and Road Portal, China's silk road economic belt and 21st Century Maritime Silk Road Website
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

Xinhua Silk Road Database
Economy

Hainan FTP provides broad stage for foreign businesses to deeply participate in China's opening up

April 04, 2023


Abstract : With the construction of the Hainan FTP in full swing, more and more international partners have witnessed and deeply participated in the development and transformation of the Hainan Free Trade Port (FTP).

The Boao Forum for Asia (BFA) International Conference Center in Boao, south China's Hainan Province

BEIJING, April 4 (Xinhua) -- With the construction of the Hainan Free Trade Port (FTP) in full swing, more and more international partners have witnessed and deeply participated in the development and transformation of the Hainan FTP.

At the just-concluded Boao Forum for Asia Annual Conference 2023 held in Hainan, cooperation opportunities brought by the construction of Hainan FTP once again became a keenly-discussed topic at the forum.

In 2020, China released a master plan to build the whole of Hainan Island into a globally influential and high-level free trade port by the middle of the century. Since then, a slew of favorable policies have been issued to support the development of the Hainan FTP, including zero tariffs and easing market and foreign investment access.

Hainan is making efforts to guide the regional headquarters of multinationals to settle here, while implement the "going-out" strategy for local enterprises and accelerate their global expansion.

It is learned that at present, Hainan is building several cold chain logistics and trading centers to process and store tropical agriculture products for the Association of Southeast Asian Nations (ASEAN) to strengthen the connection between the two tropical-product markets.

ASEAN have become Hainan's largest foreign trade partner. In 2022, trade between Hainan and ASEAN amounted to 39.54 billion yuan, up 58 percent year on year. 

In recent years, Hainan has also vigorously promoted institutional integration and innovation. Up to now, more than 180 FTP policy documents have come into effect, and a total of 134 institutional innovation cases have been unveiled.

Besides, an initiative calling for partnerships between free trade zones worldwide was launched at the Global Free Ports Development Forum during the forum.

The Hainan FTP joined 19 pilot FTZs on the Chinese mainland and six overseas FTZs.

Hainan is pushing ahead with the construction of free trade port, welcoming investors from all over the world with open arms, and sharing the benefits of deepened reform and opening-up.

Over the past five years, Hainan’s trade in goods and services have grown at an average annual rate of 23.4 percent and 17.7 percent, respectively. 

In 2022, the province attracted about 196 enterprises from RCEP members to settle business and meanwhile, a number of processing and manufacturing enterprises and projects have settle here successively. (Edited by Yang Yifan with Xinhua Silk Road, yangyifan@xinhua.org)

Scan the QR code and push it to your mobile phone

Keyword: Hainan FTP

Most Read

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.

Identifying code 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 silkroadweekly@xinhua.org 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