HAIKOU /China/, December 18. /TASS/. Trade turnover between the southern Chinese province of Hainan and Russia reached 15.58 billion yuan (2.16 billion dollars at the current exchange rate) in January-November, up 45.3% year-on-year, the Haikou Customs Department reported.
According to the department's website, Hainan is dynamically increasing trade turnover with countries involved in the One Belt, One Road Initiative projects. According to official data, this figure jumped 40.4% in 11 months to 144.55 billion yuan (about $20 billion).
Members of the Association of Southeast Asian Nations, which account for more than 20% of the province's total trade volume, remain Hainan's main partners. In second place is Australia (12.3%).
Hainan Daily reported that China's southernmost province not only demonstrates quantitative growth of international trade, but also constantly improves its quality, customs procedures are optimized. Thus, there are new incentives to strengthen the openness and development of the free trade port.
According to customs data, about one third of Hainan's foreign trade turnover is accounted for by the member countries of the Regional Comprehensive Economic Partnership (RCEP). According to Chinese economists, the dynamic growth of trade between the province and the member countries of this agreement (in January-November, growth amounted to 29.8% year-on-year) is due to the reduced tariffs and other preferences in force under multilateral agreements.
Hainan has significantly expanded the range of trade relations from 2018 to 2023. According to official calculations, the number of international economic partners has increased from 160 to 190 countries and regions in six years. In recent years, companies registered on the island have been focusing on emerging economies while actively strengthening contacts in traditional areas. As a result of this diversified strategy, the province's average growth rate of 22.2 percent during this period is significantly higher than the national average.