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Hainan emerges as global free trade port player

By CHEN BOWEN in?Boao, Hainan | chinadaily.com.cn | Updated: 2025-03-26 15:20
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China's Hainan province emerged as the newest high-level player in the free trade port arena during the fourth Global Free Trade Port Development Forum, where global leaders and policymakers championed free trade ports as vital engines for economic growth amid rising protectionism.

Xie Jing, vice-governor of Hainan, acknowledged the global trade challenges posed by rising protectionism but emphasized the role of free trade ports as hubs for innovation and cooperation. "How FTPs can advance global free trade, foster connectivity and enhance competitiveness through policy exchange is a critical issue," she said.

Ban Ki-moon, chairman of Boao Forum for Asia, praised FTPs as "incubators" for trade liberalization, citing hubs like Dubai, Singapore and Hong Kong - along with Hainan's rising ambitions. "China's high-level opening is significant for Asia and the world," he said, calling Hainan's transformation "a bold move requiring vision". He noted the island province's shift from infrastructure supporting tropical agriculture to high-tech industries, calling it a magnet for global talent and capital ahead of its imminent independent customs operations - a key step in becoming a full-fledged FTP.

Hainan Governor Liu Xiaoming gave a speech detailing policy incentives, including zero-tariff lists, 15 percent corporate tax rates and streamlined cross-border finance under the new Electronic Fence account system. The province's 2024 foreign trade grew 20 percent, and its service trade increased by 23.9 percent, with foreign direct investment and outbound investment ranking among China's highest. Following the independent customs operations, Liu said, Hainan will offer "greater openness, stronger policies and wider global reach", positioning itself as a hub for talent and business.

John Lee Ka-chiu, chief executive of the Hong Kong Special Administrative Region, said Hong Kong is proud to be part of the Global Free Trade Zone (Port) Partnership Initiative, launched at this very forum two years ago. "We will continue to join hands with our friends in Hainan in promoting the vast opportunities and benefits that free trade and market liberalization could bring to the world," he added.

The fourth Global Free Trade Port Development Forum is a sub-forum of the Boao Forum for Asia Annual Conference 2025.

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