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Hainan facilitating free trade zone's development following coronavirus outbreak

The region intends to improve transport cooperation

HAIKOU, April 6. /TASS/. Hainan has begun to intensively promote projects to establish a free trade zone and port after successfully tackling the novel coronavirus outbreak on the island, according to China Central Television (CCTV). 

“At the current stage, work is underway to intensify [inter-regional and international] interaction with the simplification of investment procedures,” said a representative of the local administration. “In order to boost development, we pay special attention to the legal component, we are drafting effective measures and creating more favorable conditions, including in the field of ecology". 

The official noted that, despite the difficult epidemiological situation in the world, the region intends to increase transport cooperation with the participation of both national and foreign logistics companies. The island administration noted that the development of tourism, including cruise travel, is one of the highest priorities, and visa-free travel for citizens of 59 countries remains unchanged and is expected to contribute to the boost of economic and cultural exchanges. Local duty-free stores in Haikou, Sanya and Boao have already resumed regular work and, according to the authorities, will hold campaigns to boost consumption, including online trade. 

At the same time, all major construction projects, which are being carried out in conformity with the rules of epidemiological safety, have been resumed on Hainan. Almost all 400 key industrial enterprises of the province returned to regular work. Particular attention is paid to the development of the Yangpu port zone on the island's north-west coast, where, in accordance with a special order of the Chinese State Council, a large-scale program to create international customs warehouses is being implemented. 

At the same time, the local energy industry also boosted its activities. In particular, the regional branch of the leading Chinese oil and gas corporation Sinopec, which has the largest hydrocarbon reserves in Asia, in the first two months of 2020 increased sales of petroleum products by 76% year on year to 1.56 million tonnes.

Hainan's free trade zone 

In April 2018, President Xi Jinping said that the Chinese authorities intend to actively involve Hainan in globalization and to draw foreign investors to the island province. By 2050, according to the authorities, the island should become a unique international cluster with an advanced economy, developed tourism, top-notch scientific, technical and financial potential, and modern medicine. The branches of the best universities and offices of the most powerful corporations in the world will be located on the Island of Hainan. 

By 2025, the Chinese government intends to create an "international center for tourism and consumption" on Hainan. In order to do so, the "Eastern Hawaii" with their unique natural landscapes, thick rainforests and great climate will establish a developed network of hotels, which blend perfectly with white sandy beaches stretching along the coastline. The combination of an exotic subtropical nature and a modern eco-friendly infrastructure will boost tourist inflow to the island from the most distant parts of the world.Ha