BOAO /China/, March 28. /TASS Correspondent Nikolai Selishev/. Hainan's rapid development and increasing openness in trade and economic cooperation with other countries demonstrates China's determination in promoting globalization. Shanghai Cooperation Organization (SCO) Secretary-General Zhang Ming told TASS on Tuesday.

"The rapid development of the free trade port in Hainan once again demonstrates China's determination to steadily increase the level of openness and to take steps to advance economic globalization," he said during the Boao Forum for Asia held in the eastern part of the province.

SCO member states would benefit from Hainan's dynamic development as well as China's increasing degree of openness, Secretary-General clarified. "This is not only a new milestone for China, but also an important factor in the development of an inclusive global economy," Zhang Ming added.

The head of the organization expressed confidence that Hainan Free Trade Port will promote trade and economic cooperation and exchanges on a global and regional scale and help optimize global governance.

Zhang Ming noted that the island has a unique geographical location, has a special climate and environment, and is an important center for the social sciences. According to him, Hainan has "a special allure for the people of the SCO countries."

"After the [COVID] epidemic, more and more people from SCO member states will come to Hainan for business, tourism and leisure. I believe that the people of the island will give a warm welcome and be hospitable," Secretary-General concluded.

Hainan Free Trade Port

On April 13, 2018, Chinese President Xi Jinping announced the establishment of an experimental free trade zone and port on Hainan. The goal of the program is to bring the island into the process of globalization and international labor distribution, laying a solid foundation for innovation. The local authorities are creating an attractive environment for investors and developing research and production infrastructure. According to the government plan, by 2025 the entrepreneurial environment in the province should reach advanced levels by national standards, and by 2050 the region will become a unique international cluster with an advanced economy with campuses of leading universities, advanced laboratories and the headquarters of world corporations.