![]() ![]() "However, the trade now between the two areas is only limited to imports and exports of coconuts." Besides, the industrial structure of Hainan is similar to that of Southeast Asia, according to Li. The Association of Southeast Asian Nations (ASEAN) became China's largest trading partner in 2020 and China has been ASEAN's largest trading partner for 12 years in a row. "Meanwhile, China has always been a land power in the past but will value its maritime development more and more in the future," said Li, noting that islands are very important to sea power but Hainan, as China's second-largest island, has never taken advantage of its location. The possible impact of exploring opening up here on the Chinese mainland, thus, is relatively limited compared with other cities in the mainland, like Shanghai," Li Shijie, dean of the school of economics at Hainan University, told CGTN. ![]() ![]() "Hainan is a relatively independent outlying island. Why has the world's largest developing country chosen its southern island as the front line to integrate the global economy? Here are some experts' views. ![]() Its commercial ministry will also roll out 28 measures later to further liberalize and facilitate trade in Hainan, for instance, allowing certain regions to relax their control of import and export qualifications for and quantities of commodities such as crude oil, refined oil and sugar. Half a year since the new duty-free policy launched last July to support the plan in Hainan, the sales of duty-free goods supervised by customs in Hainan have increased by 192 percent year on year.Ĭhina has issued a plan outlining financial support to Hainan last week to serve the free trade port construction, including allowing for the establishment of joint-venture banks and qualified non-residents to purchase properties in Hainan. The master plan for the Hainan free trade port (FTP) released by China last year, which aims to make the southern island province a globally influential free trade port by the middle of the century, has been carried out in full swing.Īccording to the plan, an FTP system focusing on trade and investment liberalization and facilitation will be "basically established" in Hainan by 2025. ![]()
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