Hainan readies for role as free trade flag bearer
Favorable tariff policies to open up major economic opportunities, say experts and business chiefs
Future focus
The future strategic vision for Hainan positions it as a nexus in global trade flows.
Chi believes Hainan should serve as a strategic conduit connecting China's vast domestic market with the large markets of the Regional Comprehensive Economic Partnership, or RCEP, with a particular focus on ASEAN.
By 2035, China and ASEAN are projected to be the primary engines of Asian economic growth. To realize this vision, Chi proposes the integration of Hainan's policies with the RCEP, effectively creating a synergy that could see zero-tariff coverage expanded.
Jochen Knecht, CEO of the International Free Zone Authority in Dubai, which runs one of the largest free trade zones in the United Arab Emirates, said the Hainan Free Trade Port is a gateway to Southeast Asian markets in two aspects.
"It is an opportunity for Chinese companies to find other places to extend their reach, to explore new markets, but also for companies from all over the world to come to Hainan, using Hainan as a gateway into China," Knecht said.
"If we can be a bridge for that, and help translate between other areas of the world and China with our Chinese team, I think it's a great opportunity," he added.
Pamela Mar, managing director of the Digital Standards Initiative of the International Chamber of Commerce based in Singapore, said Hainan can play an "excellent "role in demonstrating what seamless cross-border trade looks like.
"It means that Hainan systems for cross-border trade and compliance will be able to interconnect with many other trading partners, and enterprises in Hainan will be able to treat trade seamlessly using globally interoperable trade standards for data and documents," she said.
Bambang Wijanarko, head of Indonesia's Bureau for Special Economic Zone Supervision, said the Hainan Free Trade Port represented "best practice" and was achieved before his own country made the same progress.
He said Indonesia would like to learn from Hainan's experience and incentives, and maximize the "potency" of such a free trade zone. "I think it might be very useful for us," he said.
