Hainan details accelerated free trade port development at Haikou briefing

Senior officials from Hainan province detailed the accelerating development of the Hainan Free Trade Port during a media briefing with reporters from the Global South on Monday, an event that highlighted the FTP's role in economic and trade cooperation.

Wang Bin, head of the Publicity Department of the Communist Party of China's Hainan Provincial Committee, attributed the Hainan Free Trade Port's progress over the last five years to greater openness, improved industrial and business environments, and enhanced public satisfaction.

Li Zhiping, deputy director of the Hainan Department of Commerce, outlined the local advantages for international partners. He noted that the impending launch of island-wide special customs operations will liberalize trade by increasing the proportion of goods eligible for zero-tariff treatment from 21 percent to 74 percent.

Hainan's unique tariff-free policy is set to boost market competitiveness for goods from partner nations. Simultaneously, the FTP is establishing itself as a base for Chinese enterprises expanding abroad, with paid-up outward investment reaching $3.17 billion in the first 10 months of this year alone.

Huang Peng, deputy director of the Hainan Provincial Development and Reform Commission, laid out the province's strategy for integrating its real economy into the global supply chain. He said it would focus on developing the digital economy and logistics, revitalizing biopharmaceuticals and green energy, transforming the economy through commercial aerospace and other future fields, and attracting investment with tourism and new forms of trade. Throughout the process, the province aims to adhere to "an open-door policy and provide equal treatment for all".

According to Zhou Zheng, deputy director of the Hainan Department of Finance, the Free Trade Port's openness is built on a modern tax regime. Following new customs procedures, the existing 18 tax policies will be consolidated into a streamlined system of 17 policies, including 10 zero-tariff measures, to establish the port's foundational tax structure.

Customs authorities reported strong results from the existing policies. The zero-tariff lists have already facilitated imports worth 27.2 billion yuan ($3.83 billion), with tax reductions of 5.15 billion yuan. This institutional opening has helped Hainan's foreign trade achieve seven consecutive years of growth, averaging 21.7 percent annually.

Abu Bakarr Bah, a reporter from Africa Young Voices, described the Hainan FTP as an open and inclusive place for international students. "Its policies also attract people from many countries who want to come here for development and investment," he said.