The only free trade port in China is expected to be initiated in South China's Hainan Province. The new free trade area is poised to connect Southeast Asia and serve as a window to countries linked to the China-proposed Maritime Silk Road. CGTN's Li Jianhua has more.
Change is coming to the southernmost province of China. This island is about to transform into a free trade port by further opening up its economy to the world.
For the local residents, among others, duty-free shopping on the island is the most alluring feature.
"This is a touristy city. Like Hong Kong, there are so many tourists here for shopping. It's good for the economy. This is good news for us."
"I heard the imported products will be cheaper for the locals [in Hainan]. I'm not sure yet."
A low tax rate and zero tariffs for imported products, plus China's huge market, the local government is fine-tuning its fiscal and taxation system.
Chen is one of the few who framed the details of the island's upgrading from the beginning.
CHEN XIAOHUA Deputy Director Comprehensive Deepening Reform Committee, Hainan "We can rely on the rest of China, it's such a huge economy, a massive market. This is our unparalleled advantage. Singapore's and Dubai's free trade ports are ahead of us in terms of info technology and other facilities, and their levels of automation and AI are advanced. But we are catching up by fixing our weaknesses."
Lying in the island's west, Yangpu is the forerunner of Hainan's pilot free trade ports.
The volume of Yangpu's foreign trade witnessed a year-on-year growth of 23 percent in the first two months of 2020, despite facing coronavirus headwinds.
ZHOU JUNPING Secretary, Yangpu Working Committee "Many enterprises from inland provinces in the northwest and southwest of China have invested here. They hope to make Yangpu an international platform which is linked to Southeast Asia and other economies connected to the Maritime Silk Road, so that their products can go out of China. And Yangpu has also attracted the attention of some foreign firms, which wish to get into China's market under the new port's free trade policies."
Serving as a link in the China-proposed Belt and Road Initiative, the island is aiming to upgrade its overall performance, including trade, tourism and high-tech industries.
LI JIANHUA Yangpu, Hainan Province "The Chinese government is planning to transform the island into a world class free trade port. But before that happens, it has to overcome many hurdles, including its business environment, talent shortages, and higher education. The local policy makers at this stage are still tinkering with the idea of how to build a free trade port with its own unique features. LJH, CGTN, YANGPU, HAINAN PROVINCE."
Overview
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