The Chamber’s two-day mission to Hainan in early July shed plenty of light on the latest developments at Hainan Free Trade Port (FTP). 

Haikou, Hainan’s capital, is its political, economic, technological, cultural and transportation heart, with the city’s 2.87 million residents accounting for 28% of the total population. Leveraging on Haikou’s solid foundation of industrial development and geographic advantages, the State Council issued the General Plan for the Construction of Hainan Free Trade Port in June 2020. Since then, development of Hainan FTP has entered the full implementation phase. According to the plan, Hainan will establish an FTP policy system by 2025, with a focus on promoting free trade and investment. By 2035, Hainan is forecast to become a new,  open economy hub in the Mainland, as well as a quality free trade port with international influence.

Ever since the Hainan FTP Policy was announced, Hong Kong’s business community has been paying close attention to developments in the province, said China Committee Chairman Eric Fok, who led the mission alongside Petrina Tam, GBA Working Group Convenor, and General Committee member Edmund Yue. 

“The Chamber hopes to help our members explore new business opportunities and foster cooperation. An important goal of this mission was to learn about the high-quality development in Haikou and the Hainan FTP Park,” he explained, adding that Hong Kong businesses could further integrate into national development via Haikou, which would also help strengthen Hainan-Hong Kong cooperation.

At an informative seminar hosted by Luo Zengbin, Secretary of Haikou and Standing Committee Member of CPC Hainan Provincial Committee, Chamber members learned about Haikou’s four key industries, namely tourism, modern services, high-tech and high-efficiency agriculture. Luo said 366 Hong Kong companies launched operations in the city last year, followed by another 140 in the first half of 2023. He expressed hope that enterprises would learn about the latest developments in Haikou, expand their business and investment in Hainan and, in turn, encourage more enterprises to set up there. 

The delegation called on Miao Yanhong, Director of CPC Hainan Provincial Committee’s United Front Work Department, who update members about the development of the Hainan FTP. At the meeting, representatives from the Department of Justice, Department of Housing and Urban-Rural Development, as well as the Department of Commerce explained the advantages of Hainan’s tax, legal, housing and financial policies. Members also met with Guo Yanhong, Standing Committee Member of CPC Haikou Municipal Committee and Chairman of CPPCC Haikou Municipal Committee, and Chen Weidong, Director of CPC Haikou Municipal Committee’s United Front Work Department, to discuss economic and trade cooperation. 

To attract more Hong Kong companies, Haikou’s authorities are working to create a better environment for investment and entrepreneurship. At the Haikou Exhibition Centre, the group learned about the preferential policies and support measures offered to Hong Kong businesses, including the provision of free office space.

In Hainan, members visited several free trade zones, including Jiangdong New Area, to learn about planning, industrial advantages, business facilities and the development of the Hainan-Hong Kong Economic Cooperation Development Pilot Zone. They also toured Fullsing Town Internet Innovation Park, which is home to the offices of over 300 overseas companies, such as Dun & Bradstreet and PricewaterhouseCoopers. At Medicine Valley, members were given a rundown of the new biomedical industrial cluster in Haikou as well as the scientific research and innovation taking place. They also discussed how to set up a high-quality industrial complex for innovative services.

Also on the itinerary were visits to Qilou Old Street, Hualuxe Haikou Bay, Haikou Comprehensive Bonded Zone, Mission Hills, and Haikou International Duty Free City.