HAIKOU /China/, April 26. /TASS/. Hainan's free trade port should become a key link in the One Belt, One Road Initiative and use new opportunities to take an even greater part in regional economic development, said Zhou Xiaochuan, former Governor of the People's Bank of China and Vice Chairman of the Boao Forum for Asia.

"The free port should be a key link in trade and investment," he stressed, answering an audience question during a panel discussion about Hainan's role in the development of the Belt and Road Initiative. "Hainan is geographically close to Southeast Asian countries - it is an important region for future economic cooperation. <...> Therefore, it is necessary to think carefully about the role that the province will eventually play on [international] trade routes."

According to the expert, the island should become an important hub on the new routes of goods traffic, which will be a profitable addition to the traditional channels of cargo transportation. "The Hainanese need to act on their own merits. You have to think hard about how to use your advantages, both existing and potential," concluded Zhou Xiaochuan.

As BFA board member Luo Kanjui, chairman of Hong Kong conglomerate Shui On Group, noted, the Belt and Road is "the most appropriate form for international cooperation." "We need to join forces, it will overcome the current difficulties faced by developing nations," he added. "Once again, many places have emerged where tensions are rising. It's not good for humanity as a whole, so we need to be more objective, to take a more open stance."

According to official data, Hainan's trade with the Belt and Road states increased 95.5% year on year in January-March, amounting to 13.4 billion yuan (about $2 billion). Exports of Hainan products to participating countries of the initiative reached 4 billion yuan (about $616 million), showing a positive trend of 40.5%. Imports jumped 135.2% to 9.4 billion yuan, or $1.4 billion, while trade with Association of Southeast Asian Nations rose 28.5% to 6.2 billion yuan (about $955 million).