An event promoting investment opportunities and benefits in China's Hainan Free Trade Port, or FTP, to businesses in the United Kingdom was held in London on Friday.
More than 200 attendees from various sectors of the Chinese and British political and business communities were present. Four UK companies signed cooperation agreements with the event organizer, Hainan provincial government, to collaborate in finance, tourism, education and architecture.
China decided to build the FTP in South China's Hainan province in 2018, aiming to transform the island province into the world's largest free trade hub. Preferential policies, such as zero tariffs and low tax rates, were introduced in subsequent years to liberalize and facilitate trade.
By 2025, an independent customs operation will be in place.
In a keynote speech at the event, China's Ambassador to the UK Zheng Zeguang said British people are now more aware of the benefits brought about by Sino-British trade ties, and Hainan could inject new energy into this mutual cooperation.
The value of trade between China and the UK exceeded 110 billion pounds ($136 billion) last year, Zheng said. "Sino-British trade ties can help the UK halve inflation, reduce debts, improve livelihoods and transfer to a green future."
Hainan FTP's focus on modern services, luxury consumption, high-technology, energy conservation and digital economy fitted in well with the priorities of the UK economy, he said. In addition, the pilot zones in the FTP for facilitating international investment in tourism, education and more can provide the UK with an opportunity to deepen its ties with other countries in the Asia-Pacific.
Ni Qiang, vice-governor of Hainan province, said more than 100 UK companies have been set up in the FTP in the past three years despite the pandemic, with total foreign investment exceeding 10 billion yuan ($1.4 billion).
Sharing opportunities
"We warmly welcome UK entrepreneurs to visit Hainan, participate in the construction of the free trade port, and share new opportunities of China's high-standard opening-up."
Sir Sherard Cowper-Coles, chairman of the China-Britain Business Council, encouraged UK organizations and companies to play to their strengths in Hainan, as connecting to China and Hainan is "the future of the world".
"China is the future, Zhongguo (China) is the future, and Hainan is the key to that future," he said.
Fang Wenjian, chair of the China Chamber of Commerce in the UK and general manager of Bank of China's London branch, said UK businesses have shown a strong interest in making deals with Hainan in recent years, and the future can be "very promising".
Zheng Wanyin in London contributed to this story.
