Financial attitude | After the closure of Hainan Free Trade Port, which industries are facing new development opportunities?

Beijing, March 11th (Reporter Gao Min) - According to the Economic Voice of China Central Radio and Television, at the press conference of the Fourth Session of the 14th National Committee of the Chinese People's Political Consultative Conference held recently, the relevant person in charge mentioned that the island wide closure of Hainan Free Trade Port is a landmark measure for China to firmly expand high-level opening up to the outside world and promote the construction of an open world economy. After the closure of Hainan Free Trade Port, the level of trade liberalization and facilitation has significantly improved, and international connections have become more convenient. During the Spring Festival holiday, the tax-free shopping amount on Hainan's outlying islands increased by 30.8% compared to last year's Spring Festival, and the number of visa free foreign tourists increased by 75.6%. The smooth flow of goods and the enjoyment of people's travel have achieved significant results.

Behind the booming consumer market is the prosperous development of numerous enterprises from around the world in Hainan Free Trade Port. Which industries and fields are experiencing new opportunities for development? Regarding this, Economic Voice's "Financial Attitude" interviewed Dong Yan, Director of the Global Economy Department of the National Global Strategy Think Tank of the Chinese Academy of Social Sciences.

Dongyan introduced that with the support of policy combinations such as "zero tariffs+processing value-added", the characteristic industries of Hainan Free Trade Port are accelerating their development, and the industrial map is being reconstructed. For example, the regional aviation maintenance industry that radiates Southeast Asia and the world, the "Rocket Launch+Study, Culture, and Tourism" industrial cluster in Wenchang International Space City, high-end medical care, international education, and tropical characteristic agriculture in the service industry, covering the upgrading of traditional industries and the rise of emerging industries. In the future, industries such as digital economy, green low-carbon, blue economy, as well as biological breeding and gene editing are also expected to usher in new development opportunities.

Statistics show that during the "full month" operation of the Hainan Free Trade Port, the number of newly added foreign-funded enterprises increased by 13% year-on-year, attracting investors from 180 countries and regions around the world. Dongyan analyzed that the institutional innovation "big gift package" of Hainan Free Trade Port's closed operation has effectively attracted foreign investment from around the world, especially in high-end manufacturing, modern service industries, and other fields, while promoting Chinese enterprises to more efficiently integrate into the global value chain.

Looking ahead to the 15th Five Year Plan, Dongyan suggests that Hainan Free Trade Port should actively benchmark high standard international economic and trade rules such as CPTPP, take the lead in cross-border service trade, digital trade and other issues, and gradually increase its voice; On the other hand, we need to further promote the secure and orderly flow of cross-border data, offshore financial foreign currency exchange, and so on. At the same time, we will explore the opening up of service industries such as international arbitration, optimize the visa free system for foreign personnel, and attract high-end talents. Hainan Free Trade Port will create an important gateway for opening up to the outside world in the new era through institutional innovation, and continue to expand its global "circle of friends".