Hainan's Official Portal for Global Investors
The official specified that China's Ministry of Commerce will promote the implementation of the government's pilot program to create a special offshore zone on the island by 2025. According to him, the ministry also plans to implement reforms in trade and investment, to explore possibilities for reducing the list of goods, export and import of which are still banned or variously restricted on Hainan.
Yang Tao also noted that his department will "make maximum efforts to successfully hold the 3rd China International Consumer Products Expo [on the island]," which will be held this year in Haikou April 10-15.
The department head added that the Ministry of Commerce, in cooperation with other government agencies in China, is working on measures to foster the development of an economic development zone adjacent to the Yangpu deep-water port on Hainan's northwest coast. In addition, work is underway to attract to the province as many companies as possible, producing high-quality and luxury goods that are in high demand in the international market.
In recent years, Hainan has intensively expanded the scope of its foreign economic contacts. According to statistics, in 2022 the volume of foreign investments used by the province increased by 7.1% to 24.44 billion yuan ($3.62 billion). Foreign trade turnover exceeded 200 billion yuan ($29.6 billion), an increase of 36.8%.
