Hainan Free Trade Port as a Beacon of Chinese Reform to strengthen China’s economic influence in creating a sustainable and prosperous future
The Hainan Free Trade Port (FTP) stands as a cornerstone of China’s modern reform and opening-up policies, showcasing its dedication to economic globalization and mutual cooperation. At a promotional event for South China’s Hainan province on December 4, 2024, Foreign Minister Wang Yi underscored the transformative role of the Hainan FTP in advancing institutional reforms, fostering regional collaboration, and driving global economic integration. Launched in 2018, the Hainan FTP exemplifies China’s unwavering commitment to openness and innovation, creating abundant opportunities for both domestic and international stakeholders.
Wang Yi emphasized that Hainan represents a new era in China’s developmental strategies. With policies aimed at enhancing connectivity and regional integration, the FTP has become a dynamic hub for global trade. Wang highlighted that choosing China means choosing opportunities, as the nation continues to broaden its doors to the world. Hainan’s geographical significance, coupled with its liberalized policies, positions it as a pivotal player in strengthening ties with countries along the Belt and Road Initiative (BRI) and the Global South. This reflects China’s strategic approach to building a community with a shared future for mankind, while also providing a platform for high-quality development.
Foreign diplomats present at the event lauded Hainan’s role as a driver of international cooperation and innovation. Feng Fei, secretary of the Communist Party of China Hainan provincial committee, outlined the exceptional advantages of the FTP, including favorable tax policies, relaxed foreign investment restrictions, and liberal entry protocols. Singaporean Ambassador to China Peter Tan praised the FTP’s innovative measures, noting its strategic importance in enhancing collaboration with Southeast Asian nations. Positioned as a bridge between China and the Association of Southeast Asian Nations (ASEAN), the Hainan FTP strengthens partnerships with China’s largest trading partner and reinforces regional stability and growth.
Ambassadors from the United Arab Emirates (UAE) and Switzerland highlighted the global significance of Hainan’s development. The UAE Ambassador Hussain bin Ibrahim Al Hammadi emphasized the FTP’s role in modernization and innovation, citing collaborative agreements in logistics and technology. Similarly, Swiss Ambassador Jurg Burri hailed Hainan as a model of free trade, reflecting China’s advocacy for openness and globalization. The ongoing negotiations to upgrade the China-Switzerland Free Trade Agreement further symbolize the FTP’s potential to enhance bilateral economic ties, setting an example of successful international trade partnerships.
As a hallmark of China’s reform era, the Hainan FTP continues to embody the nation’s vision of inclusive development and shared progress. By fostering regional integration, implementing forward-thinking policies, and embracing international collaboration, Hainan serves as a symbol of China’s dedication to creating a sustainable and prosperous future. With its strategic location and innovative policies, the FTP not only strengthens China’s economic influence but also reinforces its role as a global leader in fostering mutual benefit and cooperation.
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