HAIKOU /China/, March 12. /Hainan authorities will speed up the establishment of an inclusive and transparent business environment for foreign investors in response to the growing protectionism of certain countries, the Governor of the province Liu Xiaoming announced.

"Of course, we still have a lot of work to do [to improve] the business environment, which requires increasingly thorough, optimal and effective measures," he said at the 2nd session of the 14th National People's Congress (parliament), responding to a reporter from a Singaporean publication who asked how Hainan plans to increase the inflow of overseas investment amid rising protectionism in the world. "We are determined and confident that we can accelerate the establishment of a fair, transparent and predictable first-class business environment."

The governor clarified that the business environment in Hainan will be continuously improved. He compared the province to a "gold bowl" whose precious metal content "will be higher and higher."

Liu Xiaoming recalled that more than 1,700 businesses with foreign capital were established in Hainan in 2023, up 28.4% from 2022. He said the foreign economic orientation of the activities carried out by companies in the province has significantly increased.

"We have been able to achieve such successful results largely due to our policy of reform and openness," the governor emphasized. According to him, extensive changes in the trade and economic sphere allow Hainan to dynamically improve its business environment and enhance its competitiveness in foreign markets.

Liu Xiaoming said the provincial leadership has been strengthening Hainan Free Trade Port's position on the international market, focusing on issues related to upholding the rule of law and strengthening internationalization. He recalled that the local government has been pursuing a policy of optimizing public services provided to foreign investors mainly in a one-stop-shop format. The governor added that the government is committed to resolving all issues in a timely manner and fixing problems before the end.

In April 2018, Chinese President Xi Jinping announced the establishment of a pilot free trade zone and port in Hainan. The program aims to involve the island more deeply in the process of globalization and international division of labor, and to lay a solid foundation for innovation. The provincial administration is creating attractive conditions for investors and building a strong research and development infrastructure. According to the government's plan, by 2050 the region will become a unique international cluster with an advanced economy, and will house campuses of leading universities, advanced laboratories and headquarters of global corporations.