HAIKOU, June 7. / TASS /. Hainan’s total foreign trade with China in the first five months of 2021 amounted to 35.35 billion yuan (about $ 5.5 billion), 9.7% higher than during the same period of 2019, according to the provincial Department of Commerce, writes www.hinews.cn.
Since the publication of the program to build a free trade port in the province on June 1, 2020, the ministry said, there has been a significant improvement in the structure of Hainan’s foreign trade, as well as an increase in indicators related to the import of duty-free goods and the volume of cross-border e-commerce. In the past year, Hainan has seen an increase in the export volume of high-tech products and high-value-added goods.
In 2020, the media writes that Hainan, for example, exported cars and automotive products worth 795 million yuan ($ 124.4 million). The growth rates for this indicator were found to be 3.8 times higher than in 2019. Regarding imports, the main driver of growth has been the import of duty-free products. Last year, the province imported 23.95 billion yuan ($ 3.7 billion) of related products, up 80.5% year on year. In the first five months of 2021, duty-free imports reached 8.33 billion yuan, accounting for 30% of the province’s total imports.
In 2020, according to official figures, the total foreign trade turnover of Hainan Province was 93.3 billion yuan (about $ 14.6 billion), an increase of 3% in terms of annual.
On June 1, 2020, the Chinese authorities presented a development program for a free trade port on Hainan. According to this document, the province will be transformed into a special customs zone. The government of the country plans to complete the creation of a free port on the territory of the province by 2025: by then, a system ensuring free trade and investment should be put in place on the Isle.
By 2035, the free port and its model will solidify. At this stage, it is planned to ensure the freedom of trade and investment, cross-border movement of capital, people and freight on the island of Hainan.