Hainan's economic growth rate ranks 2nd in China in Q1

Jin Xiandong, spokesperson of the National Reform and Development Commission, talks about the construction of Hainan FTP at a press conference on May 19. [Photo/ndrc.gov.cn]

Hainan has achieved a regional GDP of 139.6 billion yuan ($21.3 billion) in the first quarter of this year, up by 19.8 percent year-on-year and the second fastest growth in China, according to a press conference held by National Reform and Development Commission on May 18.

Since the release of the Master Plan for Construction of Hainan Free Trade Port on June 1 2020, Hainan has attached great importance to system integration, focused on convenient trade and investment, and accelerated the establishment of an open economic system, said Jin Xiandong, spokesperson of the National Reform and Development Commission. 

Jin added that the construction of Hainan FTP has witnessed a smooth start and achieved remarkable progress in four aspects, including the establishment of an initial free trade port system framework, a modern economic system, a more open economy, and a constantly improving business environment.    

According to the master plan, a trade port system focusing on trade and investment liberalization and facilitation will be "basically established" in Hainan by 2025, and the province will make full preparations for customs clearance before 2025.

Jin added that the National Reform and Development Committee is working with Hainan and relevant departments to promote an island-wide customs clearance plan, accelerate the construction of an efficient work system, clarify its task list, and lay a solid foundation for the customs clearance of the whole island.