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Published: 16:29, February 15, 2023
HK, Hainan tipped to deepen economic, trade ties
By Liu Yifan
Published:16:29, February 15, 2023 By Liu Yifan

This file photo taken on April 5, 2021 shows Lingshui Li'An international education innovation pilot zone in Li'An peninsula of Lingshui Li autonomous county, south China's Hainan province. There’s broad scope for win-win cooperation between Hong Kong and Hainan as the Chinese mainland’s tropical island province ramps up efforts to turn itself into the world’s largest free-trade port by drafting new policies to lure professionals and businesses from the special administrative region. (PHOTO / XINHUA)

There’s broad scope for win-win cooperation between Hong Kong and Hainan as the Chinese mainland’s tropical island province ramps up efforts to turn itself into the world’s largest free-trade port by drafting new policies to lure professionals and businesses from the special administrative region.

The remarks were made at the Hainan Free Trade Port Promotion Conference held in Hong Kong on Wednesday.

Hainan can become Hong Kong’s best partner in trade and economic cooperation as the island’s resources and pillar industries are complementary to those of Hong Kong. 

Shen Xiaoming,

secretary of the Communist Party of China’s Hainan Provincial Committee

“Hainan can become Hong Kong’s best partner in trade and economic cooperation as the island’s resources and pillar industries are complementary to those of Hong Kong,” said Shen Xiaoming, secretary of the Communist Party of China’s Hainan Provincial Committee.

As one of the country’s major opening-up measures, the central government aims to turn Hainan Island into a globally influential and high-level free-trade port by the middle of the century. The Hainan Free Trade Port is set to initiate independent customs operations by 2025.

ALSO READ: Why Hainan free port is not a threat to HK

Hainan has formulated 10 measures so far this month to open up its professional services market to Hong Kong, and is soliciting suggestions and opinions. The proposed measures include encouraging Hong Kong financial institutions, such as banks and insurance companies, to set up branches or offices in the province.

Meanwhile, a total of 50 Hong Kong professional qualifications for physicians, social workers, tour guides and structural engineers, involving more than 10 industries, would be recognized in the FTP.

In his opening address at the conference, Leung Chun-ying, vice-chairman of the National Committee of the Chinese People’s Political Consultative Conference, urged Hong Kong’s professional services sector to seize the rare opportunity of Hainan’s “great opening-up and development” to expand the market and contribute to the SAR’s go-global strategy, as well as Hainan’s high-quality development.

He said Hong Kong and Hainan have gained a more comprehensive and deeper understanding of each other’s functions and needs through the joint efforts of both sides.

READ MORE: Hainan sees growing offshore duty-free sales during CNY holiday

According to the Hainan Provincial Bureau of International Economic Development, Hong Kong is the top-ranking source of new foreign-invested enterprises on Hainan, accounting for two-thirds of the island’s total investments.

With the easing of the COVID-19 pandemic, cooperation between Hong Kong and Hainan will usher in “explosive growth” of opportunities, Leung said.

evanliu@chinadailyhk.com


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