Hainan beckons to the world

Editor's note: In this series, China Daily looks at some of the areas in which major progress has been made in the 10 years since the 18th National Congress of the Communist Party of China was held in November 2012.

Island province set to become trade hub linking Chinese market with RCEP region and beyond

The second China International Consumer Products Expo, held recently in Haikou, Hainan province, not only highlighted China's growing global consumption power over the past decade, but also boosted the confidence of Regional Comprehensive Economic Partnership countries and businesses worldwide in pursuing the opportunities presented by the Hainan Free Trade Port, organizers and experts said.

Most expo participants from RCEP member countries said they looked forward to deepening contacts with Hainan and becoming dual beneficiaries of the unfolding trade facilitation policies of the Hainan Free Trade Port as well as the RCEP agreement, which took effect in January.

The July expo, also known as the Hainan Expo, attracted more than 2,800 brands from 61 countries and regions.

Japan, South Korea and Malaysia expanded their exhibition areas by 20 percent compared with last year, according to the Ministry of Commerce, which jointly organizes the annual event with the Hainan provincial government.

The southern island province of Hainan has been at the forefront of the country's opening-up drive, especially since the launch of the free trade port in June 2020, when China unveiled a master plan to develop Hainan into a free trade port with Chinese characteristics and global influence by midcentury.

The free trade port has introduced more than 180 policy documents to liberalize and facilitate investment and trade in goods and services, and to secure wider market access to sectors including finance, culture and medical care. The move aims to make the free trade port a showcase of China's economic reform and opening-up, according to the local government.

The policy documents include internationally competitive policies on corporate and individual income taxes, a zero-tariff list for free trade port vehicles and yachts, a zero-tariff list for cross-border trade in services, a catalog of encouraged industries, and Qualified Foreign Limited Partner and Qualified Domestic Limited Partner programs offering easier access to China's fund markets.