BOAO /China/, March 28. /TASS/. The Chinese government is inviting foreign companies to invest in the Hainan Free Trade Port, which serves as a strong incentive to enhance China's economic openness, according to Zhao Leji, Chairman of the Standing Committee of the National People's Congress (Parliament).

"Hainan is building a China-specific free trade port that has global influence and ensures China's institutional openness at a new higher level," he emphasized, speaking at the opening ceremony of a key part of the Boao Forum for Asia (BFA) held on the island's east coast. "We invite you to invest in Hainan and develop your business here."

Earlier, provincial governor Liu Xiaoming likened the establishment of a free trade port on the island to reaching a "new peak" in China's openness, noting that this paved the way for investment and business. He said that Hainan has been actively increasing funding for overseas economic projects, noting that China's southernmost region's investment in other countries doubled (to $3.9 billion) in 2023.

On April 13, 2018, the 30th anniversary of the province's establishment, Chinese President Xi Jinping announced the establishment of a pilot free trade zone and port in Hainan. The program aims to bring the island deeper into 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 sophisticated 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 the headquarters of global corporations.

This year's BFA twill be held from March 26-29 under the theme "Asia and the World: Shared Challenges, Shared Responsibilities." The Russian side is represented at the forum by Deputy Prime Minister Alexey Overchuk and Russian Ambassador to Beijing Igor Morgulov. The Boao Forum for Asia is called the Eastern Davos; it is an important platform for signing important agreements, coordinating positions between representatives of business and government circles of Asian countries and all other regions of the world.