HAIKOU/TASS: Haikou, the administrative centre of South China’s Hainan Province, will fast-track the establishment of its free trade port’s key development zone in 2024, the Haikou Daily newspaper reported.
According to the newspaper, the year 2024 will be critical for Hainan both in implementing the tasks set by the country’s central government for the 14th Five-Year Plan (2021-2025) and in transitioning the island’s customs system to a new offshore model. Haikou authorities plan to boost the implementation of pilot measures to enhance openness, expand their scope and at the same time improve the effectiveness of supervisory mechanisms.
Haikou is expected to play an increasingly important role in China’s foreign trade and foreign investment projects. Measures that will steadily increase trade turnover include gradually eliminating duties and restrictions, creating a more favourable environment for exports and imports by simplifying customs formalities and organizing single-window procedures.
The city will continue to actively participate in the projects of the Regional Comprehensive Economic Partnership and attract even more transnational companies. To successfully implement strategic socio-economic development projects, local authorities intend to attract qualified personnel from different regions of the People’s Republic of China, as well as from other countries.
To strengthen international contacts, Haikou is restoring and creating new air routes, including transit flights. As a result, in 2024, additional opportunities will be created for the development of tourism and trade, and for increasing Hainan’s cultural interaction with many countries. At the same time, it is planned to improve conditions for promoting mutually beneficial projects involving foreign capital. By holding large-scale exhibitions, the city will continue to strengthen partnerships and attract prestigious foreign brands.
Haikou has over 900 years of history. It is the main cultural and economic centre of the province, actively developing cooperation with other countries. The city with a population of 2.9 million people accounts for about a third of Hainan’s gross regional product. A major cluster of headquarters and representative offices of some multinational companies is being formed in Haikou by the Chinese government’s plan.
