SCIO press conference on development of Hainan Free Trade Port

Dazhong Daily:

In addition to the list of goods and items just introduced, what other measures will the Ministry of Commerce take to promote high-standard opening-up of the Hainan Free Trade Port? Thank you.

Yuan Xiaoming:

Thanks for your question. Driving reform and development through opening-up has been a vital force behind the continuous achievements of China's modernization. The Ministry of Commerce has consistently advanced high-standard opening-up, with a focus on trade and investment, supporting Hainan Free Trade Port in reaching new heights and breakthroughs in opening up. From 2020 to 2024, Hainan's actual use of foreign investment exceeded the total of the previous 32 years since the province's establishment. Whilst the total import and export volume of goods grew at an average annual rate of over 30%, reflecting steady progress in its export-oriented economy.

Amid unilateralism and protectionism rising globally a further economic headwind against globalization is underway. The Ministry of Commerce will continue to fully support the development of the Hainan Free Trade Port, striving to make it an important gateway leading China's opening-up in the new era. This will not only contribute to China's sustained economic recovery but also inject stability and certainty into the world economy. Specifically, our efforts will focus on the following three aspects:

First, we will continue advancing institutional opening-up. We will support Hainan Free Trade Port in proactively aligning with high-standard international economic and trade rules through pilot initiatives. Focusing on trade and investment liberalization and facilitation, market access expansion, and fair market competition, we will deepen institutional innovation to promote compatibility in rules, regulations, administration and standards, creating a world-class business environment.

Second, we will continue to leverage the synergistic advantages of open platforms. While supporting Hainan Free Trade Port development, the Ministry of Commerce has also promoted the establishment of various open platforms including the island-wide Free Trade Pilot Zone, as well as the island-wide Comprehensive Pilot Zone for Cross-border E-commerce, and the Comprehensive Pilot Program for Further Opening-up in the Service Sector. We will co-host the China International Consumer Products Expo with Hainan province. We will continue to support Hainan in strengthening various open platforms in a bid to achieve a "1+1>2" effect, better release the dividends of policies and systems, whilst delivering more achievements in reform and opening-up.

Third, we will be persistent in the cultivation of new growth drivers. We will leverage Hainan's distinctive resources and geographical advantages, focusing on the priorities of strengthening, consolidating and extending industrial chains in key sectors. We will implement targeted policy measures to boost innovative development in the trade of goods, services and the digital trade. Moreover, we will foster new business forms and models, and accelerate industrial cluster development, all in a bid to support the building of a modern industrial system. Thank you.