The Regional Comprehensive Economic Partnership (RCEP), which took effect on January 1, has been implemented successfully in Hainan, according to a press briefing held on July 5.
From January to May, there was a 44.1 percent year-on-year rise in the volume of imported and exported products between Hainan and RCEP participants. Australia, Japan, Singapore, South Korea, and Thailand, invested $47 million in Hainan to establish 79 new foreign-funded businesses.
The province has 17 companies that have invested in RCEP member countries, an increase of 89 percent year-on-year, and the total investment amounted to $189 million, an increase of 108 percent year-on-year. Japan, Singapore, and Indonesia are the top three countries for destination investments in the manufacturing, wholesale, retail, and information technology services.
From January to May, the import and export volume of goods between Hainan and RCEP member countries was 25.79 billion yuan, a year-on-year increase of 44.1 percent, and the growth rate was 39.9 percentage points higher than the national level. Products with faster growth included metal ores and mineral sands, refined oil, beauty, cosmetics and toiletries, and organic chemicals.
The import and export volume of services between Hainan and RCEP member countries was 2.7 billion yuan from January to May, accounting for 21.64 percent of the province's total imports and exports in the service sector during the same period. Hainan's foreign trade in services has achieved full coverage of RCEP member countries, mainly in the fields of travel, transportation, commerce, computer, processing and manufacturing, and intellectual property services.
An aerial view of the Hainan Resort Software Community, one of the key industrial parks of Hainan free trade port. ZHANG MAO/FOR CHINA DAILY
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