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Hong Kong holds policy briefing on Hainan Free Trade Port

By CHEN BOWEN | | Updated: 2024-07-10 10:51
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The policy briefing for the "Visit to Hainan: Promoting connectivity between Hainan Free Trade Port and the Greater Bay Area" occurs on July 9 in Haikou, Hainan province. [Photo by Zhou Peng/For]

The policy briefing for the "Visit to Hainan: Promoting connectivity between Hainan Free Trade Port and the Greater Bay Area" took place on Tuesday morning in Haikou, Hainan province. The event hosted a delegation of about 50 representatives from the Consular Corps and business communities in the Hong Kong Special Administrative Region.

"Hong Kong and Hainan share geographical proximity, close connections and strong commercial ties. Delegations from both regions frequently engage in reciprocal visits," said Chen Huaiyu, vice-governor of Hainan. "Hong Kong stands as the largest source of foreign investment for Hainan province."

By the end of 2023, Hainan had greenlit over 3,200 Hong Kong-funded enterprises, representing around half of the province's total foreign investment. In 2023, the total import and export volume between Hainan and Hong Kong reached a significant 16 billion yuan ($2.2 billion).

"Hong Kong and Hainan have been enjoying close exchanges and frequent economic and trade cooperation," said Clement Woo, under secretary for constitutional and mainland affairs of the Hong Kong SAR government. "In recent years, national initiatives such as the developments of the Guangdong-Hong Kong-Macao Greater Bay Area and the Hainan Free Trade Port have added further momentum to the progress of economic and trade cooperation between Hong Kong and Hainan."

Woo further emphasized that Hong Kong's renowned stature as an international financial, transportation and trade hub, coupled with its status as an aviation hub, uniquely positions the SAR to aid international investors in venturing into Hainan. Additionally, Hong Kong can play a pivotal role in supporting Hainan-based enterprises in their expansion into international markets and in accelerating the development of the Hainan Free Trade Port.

Albert Yip, director-general of the Sanya Tourism Board, who hails from Hong Kong, provided insights to Hong Kong representatives based on his three-year experience working in Hainan. He emphasized the advantageous policies and conducive business environment created through the development of the free trade port. Yip noted that these efforts are designed to draw talent from Hong Kong and beyond to settle in Hainan. He expressed his belief that events like this provide a good opportunity for firsthand experience, reinforcing the notion that seeing is believing when it comes to understanding the potential and opportunities in the province.

During their five-day visit, the delegation will tour various locations including the Wenchang Aerospace Supercomputing Center, Boao Lecheng International Medical Tourism Pilot Zone, Changjiang Nuclear Power Plant and Sanya Yazhou Bay Science and Technology City.

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