HAIKOU, January 11. /TASS/. The volume of retail imports through cross-border e-commerce channels in southern China's Hainan province amounted to 526 million yuan (about $ 81.2 million) in 2020, up by 7.53% compared to 2019, according to www.hinews.cn.
The adoption of the program for the construction of a free trade port in the province in June gave impetus for the development of cross-border e-commerce. Against this background, the number of companies working in this area on Hainan has also grown. Currently, according to the news outlet, a total of 195 cross-border e-commerce companies are registered in the province. Tmall Global, Kaola, Zhouzhi Group, Onion Global and Fujian Dry-port Group are among them, in particular.
In July 2018, the Integrated Cross-Border E-Commerce Pilot Zone was established in Haikou, and by the end of 2020, the entire Hainan Province was already connected to retail imports through e-commerce channels.
On June 1, the Central Committee of the Chinese Communist Party and the State Council published the General Development Program for Hainan's Free Trade Port, according to which an effective mechanism to stimulate sustainable and long-term growth should be finally formed in Hainan by 2025. It is expected that thanks to new methods, many of which are being introduced in China for the first time, the province will be able to fulfill a number of key socio-economic tasks necessary to form a powerful financial and economic center in the country’s south. It is assumed that by 2035 both the economic and innovative potential of this region will be maximized, and it will become one of the most attractive places for international investors.