Hainan authorities expand on the island's open economy

Sep 19, 2019

Hainan authorities expand on the island's open economy

Haikou (China) Sept 19: In the foreseeable future Hainan will become a region with the most open economy and a promising investment climate in the world, the Secretary of the Provincial Party Committee Liu Cigui said.
"First of all, openness is very important for the Hainan Special Economic Zone, a key principle for the development of the island's economy," he said at a press conference. "Our next step is to ensure openness to the outside world at the highest possible level."
In order to accomplish the task, the island's administration intends to simultaneously use all the necessary means: both in terms of creating a free trade port, and in promoting safe and highly efficient human resources mov, production materials and raw materials, financial capital and information. "We will boost cooperation with states and regions, especially those involved in the Belt and Road Initiative. Our goal is to turn Hainan into an important 'window' for international cooperation with the Pacific and Indian Ocean regions," noted Liu Cigui.
According to the official, such an official strategic position in the future cannot undergo any changes. Liu Cigui recalled that the creation of a special free trade zone covering the entire territory of the island will require as many highly qualified interantional specialists as possible. "We are paying great attention to the island's promotion to attract those specialists. Since last year, more than 70,000 specialists from abroad and from other regions of China decided to move to Hainan as part of the Million Talents program," said the party official.
According to official statistics, in 2018 Hainan demonstrated high dynamics in foreign trade: the number of new enterprises with foreign capital increased by more than 85%, the influx of investments from abroad increased by 112%, the volume of exports and imports - by 20%. From January to August 2019, these figures were even more impressive, exceeding 189%, 565% and 37% respectively.
Source: TASS