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Hainan and Xiaomi sign cooperation agreement

In 2018, the company held an IPO on the Hong Kong Stock Exchange

HAIKOU, October 1. /TASS/. The Hainan administration and the region's party committee held negotiations and signed a cooperation agreement with the Chinese electronics and home appliance manufacturer Xiaomi. According to the Hainan Daily newspaper, the company will cooperate with the administrative center of the province Haikou and Danzhou city in financial technology, cloud computing, Internet of things and other areas.

"We hope that Xiaomi <...> will study and digest the policy of Hainan's free trade port, accelerate the planning and construction of regional and international headquarters here," the news outlet quotes the provincial party committee secretary Liu Cigui. He also called on the technology giant to actively participate in the economic life of the province and promote the development of related industries and enterprises at an even higher level. 

Lei Jun, Chairman of the Board of Directors and Chief Executive Officer of Xiaomi, noted the great prospects for the region, stressing that "the development strategy of the corporation coincides in many aspects with the future direction of the development of Hainan's free trade port." "We hope to use this agreement as an opportunity to further integrate with the Hainan port policy," Lei Jun said.

Xiaomi, based in Beijing, was founded in 2010. The company is engaged in business in the development of mobile applications, the production of smartphones, laptops, electronics, as well as household appliances, clothing and other goods. In 2018, the company held an IPO on the Hong Kong Stock Exchange.

The authorities presented a plan for the free trade port’s development on June, 1. In accordance with the plan, the Hainan province will be turned into a special customs zone. The country’s government intends in general to wrap up the creation of the free trade port on the island by 2025: by this time the island should acquire a system to ensure free trade and investments. 

By 2035, the free trade port and its model will become more solid. By this time, Hainan intends to ensure the freedom of trade and investments, trans-border movement of capital, people and shipping.