HONG KONG – The close ties that bind Hainan province and Hong Kong will deepen even further as the island province develops as a new hub for regional win-win cooperation, officials said at Hainan’s promotion conference in Hong Kong on Tuesday.

Marking the 100-day countdown to the launch of independent customs operations across the island province on Dec 18, the conference showcased the achievements of the Hainan Free Trade Port, upcoming policies following the customs transition, and new development and investment opportunities.

Held at the Hong Kong Convention and Exhibition Centre, the event also featured the signing of 12 agreements between Hainan and Hong Kong enterprises from various sectors, including cultural tourism, technology, and food processing.

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Feng Fei, secretary of the Communist Party of China Hainan Provincial Committee, said at the event that the upcoming independent customs operation marks a new phase in the development of the Hainan Free Trade Port.

He said Hainan has become a new frontier for the nation's opening-up, a new hub for regional win-win cooperation, and a new engine driving economic globalization.

“Both the development of the Guangdong-Hong Kong-Macao Greater Bay Area and the Hainan Free Trade Port are major national strategies. Their synergistic development serves as a crucial driving force for building a new development paradigm and facilitating the dual circulation of domestic and international markets,” Feng noted.

Hong Kong is Hainan's largest source of foreign investment and its primary partner in service trade. A number of high-end service industry cooperation projects involving legal, accounting, and consulting services have already been established in Hainan, he added.

“During the Boao Forum for Asia Conference in March this year, the two governments signed the Hainan-Hong Kong Memorandum of Cooperation to deepen collaboration in five key areas: Trade and investment, finance, safe and orderly flow of data, tourism, and talent exchange, which continues to yield tangible results,” Feng said.

Algernon Yau Ying-wah, secretary for Commerce and Economic Development of the Hong Kong Special Administrative Region government, underscored the importance the SAR government places on cooperation and exchange with Hainan.

“The HKSAR government will fully leverage Hong Kong's strengths to promote the coordinated development of the Guangdong-Hong Kong-Macao Greater Bay Area and the Hainan Free Trade Port. Simultaneously, it will introduce international projects to Hainan, facilitate Hainan's capital investment in overseas markets, and create more mutually beneficial collaborations with Hainan to contribute together to the nation's high-quality development and enhance economic momentum,” Yau said.

Guan Jirong, deputy secretary-general of the Communist Party of China Hainan Provincial Committee, stated that Hainan will soon implement more preferential "zero-tariff" policies for goods, relaxed trade management measures, streamlined access procedures, and a more efficient, targeted regulatory model.

“Since the establishment of the Hainan Free Trade Port, we have consistently looked to Hong Kong as a model and actively sought to collaborate with it,” he said.

Tang Hua, director of the Hainan Provincial Bureau of International Economic Development, said that Hong Kong offers world-class technological R&D capabilities, robust financial services, and access to international talent. These strengths enable Hong Kong to provide Hainan enterprises with valuable support in areas such as technology, capital, and talent, paving the way for the joint development of new productive forces.