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NewsHainan: Development from Special Economic Zone to Free Trade Port

Hainan: Development from Special Economic Zone to Free Trade Port

On 13 April 2018, a ceremony to mark the 30th anniversary of the establishment of the Special Economic Zone in Hainan Province, South China, was held, which was attended by Chinese President Xi Jinping, who expressed his support and support for the construction of a free trade pilot zone in the province. Announced the gradual promotion of the construction of a free trade port with Chinese characteristics. Since then, Hainan has embarked on a new journey of building a free trade zone and a free trade port, ushering in a historic development opportunity.

It is about ten years since the pilot free trade zone was established in China. Since the official establishment of the Shanghai Pilot Free Trade Zone on September 29, 2013, 21 pilot free trade zones and Hainan Free Trade Port have been built in China, providing new vitality to economic development.

Hainan Province is the largest special economic zone in China. According to statistics, the import and export of goods in Hainan Free Trade Port is growing rapidly. Reached more than 100 billion yuan for the first time in 2021. Then, reached more than 200 billion yuan in the year 2022, in which exports accounted for 72.26 billion yuan and imports 128.69 billion yuan. In addition, high-tech enterprises have maintained a growth rate of over 40 percent for four consecutive years. Over the past five years, Hainan’s energy consumption and land use per unit of GDP have decreased by an average of 4.4 percent and 10 percent, respectively.

The establishment of the Hainan Free Trade Pilot Zone to further improve China’s level of openness, actively promote institutional innovation, improve the financial environment, optimize investment conditions, and accelerate the high-quality development of China’s economy playing an important role in

(Credits-China Media Group, Beijing)

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