Hainan, a vacation paradise in South China, is turning itself into a free trade port following the implementation of policies under China's new pattern for opening-up.
The new pattern features a higher level of opening-up, broader aspects for cooperation, and a deeper level of integration.
Relying on the political advantages of the FTP, the province has been focusing on the consumption areas of high-end shopping, education, and medical care, thus speeding up the construction of an international tourism consumption center and supporting the country's dual circulation strategy, in which domestic and overseas markets reinforce each other.
Through its offshore duty-free policy, Hainan has bolstered consumption of overseas high-end commodities. The number of duty-free shops across the province has increased to 10, while more than 1,400 international consumer brands have been introduced. In 2021, Haikou Customs supervised 49.5 billion yuan ($6.91 billion) worth of duty-free shopping sales, a near 50-fold increase from the year 2011.
The establishment of the Boao Lecheng International Medical Tourism Pilot Zone has bolstered the province's overseas medical consumption. The pilot zone has introduced 264 kinds of licensed drugs and instruments, becoming the main channel for international innovative drugs and instruments to enter the Chinese market.
Through the construction of an international education innovation island, Hainan has bolstered its education consumption. Since its establishment in June 2020, Lingshui Li'an International Education Innovation Pilot Zone has introduced more than 20 well-known universities at home and abroad to run schools independently or cooperatively.
In addition, Hainan has given full play to its policy advantages to attract high-end elements like global talents, technology, and capital to build a modern industrial system.
Since the effective implementation of the Regional Comprehensive Economic Partnership on January 1 this year, the scale of goods trade between Hainan and RCEP member countries has grown rapidly.
In 2021, there were 113 countries and regions that have invested in the province, with a year-on-year growth of 41 percent. As a result, Hainan is speeding up the construction of a free trade port with Chinese characteristics and global influence.