HAIKOU /China/, November 1./ Hainan Province can achieve a breakthrough in the implementation of important economic projects with the involvement of government agencies and companies of the Association of Southeast Asian Nations (ASEAN) during the 14th Five-Year Plan (2021-2025), TASS Correspondent Nikolay Selishchev, Chi Fulin, director of the China Institute of Reform and Development (Hainan) told TASS on Monday.
"Strengthening ties with ASEAN should be considered a key aspect. I believe that one of the big things that will happen in Hainan during the 14th Five-Year Plan is that the province will be able to achieve a breakthrough in trade and economic cooperation with the members of the association," he stressed. According to the expert, in the process of increasing cooperation with Southeast Asian countries, Hainan will form an important regional center, which will play a coordinating role in China's foreign economic cooperation with the countries of the region.
"Hainan's free trade port will become a strategic hub, an important link to ensure the interconnection between domestic and foreign markets," the expert specified.
Against this backdrop of these changes, he said, Hainan will have new opportunities to attract qualified personnel from ASEAN countries, which are in high demand in the implementation of the government program to promote the development of strategically important industries. "This will create a solid foundation for the province's trade, economic, cultural and humanitarian cooperation with ASEAN members," stressed Chi Fulin.
According to the expert, investors from Hong Kong and Macau will play an important role in the development of the province in the process of optimizing the investment climate. "Hainan should become one of China's most open regions in the coming years and achieve a powerful economic breakthrough. Once this happens, we will see [even more] noticeable progress in the island's interaction with other countries and regions," the director concluded.
China and ASEAN
According to the Hainan administration, China's southernmost province has recently started proactively engaging in communication with ASEAN member countries and is steadily increasing cooperation with them on trade and investment projects. In addition, Premier Li Keqiang noted that in 2020 ASEAN became China's largest foreign trade partner, overtaking the European Union for the first time in history.
He stressed that Beijing intends to use good neighborly ties with this regional association to ensure security in East and Southeast Asia. According to the head of the Chinese government, the PRC and member states of the association should strive for peaceful dialogue, "respect each other, seek common ground and eliminate differences and disputes.
According to China’s General Administration of Customs, the foreign trade turnover with ASEAN was $630.53 billion in January-September, having increased by 31.1%. The volume of foreign trade with members of this regional association was 5.2% higher than the same indicator of trade and economic interaction with the EU.