Steady progress has been made in building China's island province of Hainan into a free trade port (FTP), according to a press conference of the Communist Party of China Hainan Provincial Committee on Monday.As one of the country's major opening-up measures in the new era, China aims to build the whole of Hainan Island into a globally influential and high-level FTP by the middle of the century.The wider opening-up push is delivering visible outcomes. The number of registered market entities in Hainan has increased from less than 310,000 in 2013 to more than 1.98 million, with the growth rate ranking first in the country for 28 consecutive months.Shen Xiaoming, Party chief of Hainan, said at the press conference that over the past two years, over 180 policies and measures have taken effect in Hainan to facilitate trade and investment.According to Shen, the average annual growth rate of new market entities in Hainan in recent years has reached 40 percent. Meanwhile, the actual utilization of foreign investment in Hainan grew at an average annual rate of 80 percent, and the number of foreign enterprises introduced in the island grew at an average annual rate of nearly 120 percent.The favorable business environment brought about by deepening reform and opening-up has increased Hainan's attractiveness to talents and investment. Since 2018, Hainan has introduced more than 400,000 highly skilled personnel, an increase of nearly 10 times compared with the previous four years.Hainan's economic transformation and upgrading have also achieved remarkable results over the past two years. Tourism, modern services, high-tech and high-efficiency agriculture with tropical characteristics have become the four leading industries in the island.According to a plan on the Hainan FTP released by the central authorities in 2020, the Hainan FTP is set to initiate independent customs operations by 2025.Steady progress has been made in building China's island province of Hainan into a free trade port (FTP), according to a press conference of the Communist Party of China Hainan Provincial Committee on Monday.As one of the country's major opening-up measures in the new era, China aims to build the whole of Hainan Island into a globally influential and high-level FTP by the middle of the century.The wider opening-up push is delivering visible outcomes. The number of registered market entities in Hainan has increased from less than 310,000 in 2013 to more than 1.98 million, with the growth rate ranking first in the country for 28 consecutive months.Shen Xiaoming, Party chief of Hainan, said at the press conference that over the past two years, over 180 policies and measures have taken effect in Hainan to facilitate trade and investment.According to Shen, the average annual growth rate of new market entities in Hainan in recent years has reached 40 percent. Meanwhile, the actual utilization of foreign investment in Hainan grew at an average annual rate of 80 percent, and the number of foreign enterprises introduced in the island grew at an average annual rate of nearly 120 percent.The favorable business environment brought about by deepening reform and opening-up has increased Hainan's attractiveness to talents and investment. Since 2018, Hainan has introduced more than 400,000 highly skilled personnel, an increase of nearly 10 times compared with the previous four years.Hainan's economic transformation and upgrading have also achieved remarkable results over the past two years. Tourism, modern services, high-tech and high-efficiency agriculture with tropical characteristics have become the four leading industries in the island.According to a plan on the Hainan FTP released by the central authorities in 2020, the Hainan FTP is set to initiate independent customs operations by 2025.
