Hainan to reap opening-up dividends

Newly registered companies hit a record of 75,000 from January to August, a year-on-year increase of 75.26 percent, the highest growth rate in the country, according to the provincial market supervision administration.

"We have keenly felt the 'heat' of interest from overseas business people toward Hainan FTP in the past two months," said Frederick Mang, Hainan Office Lead Partner with PricewaterhouseCoopers Zhong Tian LLP, the first international service company to settle in Hainan in May, 2018.

Mang said a large number of foreign companies have contacted his Haikou PwC office, showing a strong intention to start operations in Hainan Island, which covers 35,400 square kilometers.

Xiang Weiming, global vice president of GE in the United States and president and CEO of GE China, told Shen Xiaoming, the governor of Hainan during a recent working meeting in Haikou, the provincial capital, that GE will push forward in-depth cooperation with Hainan in such fields as aviation, medical service, clean energy and remanufacturing.

Genting Cruise Lines, a division of Genting Hong Kong, announced last week it is working to forge a strategic partnership with Sanya to launch domestic cruise itineraries out of the central cruise hub of Hainan. It will also support the development of a free trade pilot cruise tourism zone on Hainan Island.

"We are keen on supporting the Chinese government's efforts in rebuilding its travel and tourism sector by providing a safe and carefree vacation option for consumers," said Kent Zhu, president of Genting Cruise Lines.

More than 70 international innovative medicine and medical equipment manufacturers have entered their names for an everlasting exhibition that displays the latest and advanced drugs and devices that have not entered the Chinese market, said Gu Gang, administration head of the Boao Lecheng International Medical Tourism Pilot Zone.

The zone was the only one of its kind in China that enjoys special preferential policies such as special permission to import medical technology, medical equipment and medicines that are not yet allowed in other parts of the country.

Gu said that the implementation of the Hainan free trade port preferential policies such as zero tariff, low tax rates and a simplified tax system will draw more big international pharmaceutical companies and professionals to the pilot zone.

The boom of foreign investment is expected to continue as more specified implementation plans roll out one by one and an increasing number of promotions are made at home and abroad, online and offline, said local government officials.

"As it presses ahead with the construction of a free trade port, Hainan will become a new high in China's opening up, " said Bernard Dewit, chairman of the Belgian-Chinese Chamber of Commerce, at an online business promotion conference last week.

Patrick Nijs, former Belgian Ambassador to China and co-founder of the EU-China Joint Innovation Center, expressed his optimism in Hainan-Belgium cooperation in the future. He said Belgium is willing to develop together with Hainan and share the development opportunities of the free trade port construction.

Centrally administrated State-owned enterprises from the transportation, tourism, energy and infrastructure sectors have also enlarged their presence in the Hainan FTP.