SANYA /China/, November 18. /TASS/. The turnover of Yangpu Special Customs Zone located in the southern Chinese province of Hainan in January - October this year increased 33.8 times to 27.81 billion yuan (about $4.36 billion at current exchange rate), the Hainan Daily reports.

According to the newspaper, the comprehensive bond zone’s export amounted to 720 million yuan (about $112.86 million) in the first ten months of 2021, increasing 60.2 times year-on-year. Imports rose 33.4 times to 27.09 billion yuan (about $4.25 billion).

Since the beginning of this year, Yangpu saw a boost in economic activity, the newspaper states. From January to November, 402 new trading enterprises were registered in Yangpu, which is four times as much as the same period last year. According to the newspaper, the number of enterprises that have settled in Yangpu and are already actively engaged in international trade increased from 14 last year to 62 by the end of October this year. As noted in the story, this has been a key driver of growth in the zone's foreign trade turnover in the first ten months.

In the future, the bond zone will continue to streamline customs clearance services, simplify operations and create favorable conditions for companies operating in Hainan, the Hainan Daily cites Cai Chunni, deputy head of the Yangpu Customs Administration as saying.

On June 1, 2020, the Central Committee of the Communist Party of China and the State Council of China unveiled a plan to create a free trade port in Hainan. The document provides for the creation of a special customs zone on this tropical island. The PRC authorities plan to complete the construction of the free port on the territory of the province in 2025, by which time the island should be built a system of free trade and investment. By 2035, Hainan is expected to be free of trade and investment, cross-border capital flows, entry and exit of people, and freight transportation.