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Hainan sees significant growth in cross-border service trade

ehainan.gov.cn | Updated: 2021-08-30

Since the beginning of this year, Hainan's cross-border service trade has shown a good momentum of development. The service imports and exports have achieved substantial year-on-year growth.

The province's service imports and exports amounted to 15.65 billion yuan ($2.42 billion) from January to July, a year-on-year increase of 68.47 percent. Among them, the imports were 11.1 billion yuan, up 68.96 percent, and exports were 4.55 billion yuan, up 67.3 percent.

The cross-border service trade includes three modes spanning cross-border delivery, overseas consumption and movement of natural persons. From January to July, the province's cross-border delivery, overseas consumption, and movement of natural persons accounted for 91.73 percent, 7.99 percent, and 0.27 percent respectively of the total cross-border service trade.

During this period, the province had a total of 127 service trade partners, which is an increase of seven from the first half of the year. Among them, Singapore, Hong Kong, the United States, Japan and Ireland are Hainan's main service trade partners and had a service trade volume accounting for 77.66 percent of the total.

An official of the Department of Commerce of Hainan Province stated that the negative list implemented on Aug 26 is expected to accelerate the development of cross-border service trade in Hainan. He added that the province has taken a series of measures to implement the negative list and promoted the high-quality development of the Hainan Free Trade Port.