Hainan FTP foreign trade, investment development booms

A delegation representing Hainan province recently completed a tour of Hong Kong, Indonesia, Jakarta, and Vietnam to carry out Hainan Free Trade Port promotion activities, signing agreements on a number of projects.

Their success reflects the growing appeal of Hainan province. In 2022, the total import and export value of Hainan's foreign trade exceeded the 200 billion yuan ($28.8 billion) mark for the first time, reaching 200.95 billion yuan, an increase of 36.8 percent over 2021. Among them, its exports totaled 72.26 billion yuan, up 120.7 percent.

In 2022, a total of 1,320 foreign-invested enterprises were established in Hainan, and the actual use of foreign capital reached $4.05 billion, up 15 percent year-on-year. 127 countries and regions have invested in the province.

In the field of high-end consumption, a large number of enterprises, such as LVMH Group of France, Richmond Group of Switzerland, and Estee Lauder Group of the United States, have set up enterprises and invested in Hainan. In the field of medical treatment, Viatris, Iqvia Holdings, and Raffles Singapore have settled in Hainan. In the financial field, United Bank of Switzerland set up a private fund management company in Haikou.

Attracted by the Hainan FTP's advantages, such as preferential tax policies, investment facilitation, and convenient location, many enterprises like Zijin Mining, Yunnan Baiyao, as well as Nanjing Iron & Steel have carried out foreign investments after landing in Hainan. In 2022, Hainan's actual outward investment was $1.9 billion, an increase of 137.46 percent year-on-year.

The third China International Consumer Products Expo (CICPE), which will be held in April this year, is highly anticipated. Last July, the second CICPE was held, attracting 1,955 enterprises from 61 countries and regions, as well as more than 2,800 domestic and foreign brands. During that expo, more than 40,000 domestic and foreign buyers, as well as professional visitors gathered, while 622 new products made their debut.

People visit Hainan Hall at the second China International Consumer Products Expo on July 26, 2022. [Photo by Zhang Wei/chinadaily.com.cn]