Yangpu Economic Development Zone to receive major upgrades

The Yangpu Economic Development Zone in Hainan is looking to streamline port services by implementing a more open and efficient regulatory system for imports and exports in order to better facilitate trade.

Yangpu will try a "single window" international trade system that would put Hainan in accordance with international standards. It will strengthen data collaboration, comprehensive logistics inspections, and information exchanges between regulators to reduce the amount of time needed for customs clearance.

The zone also plans to increase the number of domestic and foreign goods that qualify for lower logistics costs. Goods in Yangpu Port's bonded port area are free to circulate and consolidate without going through declaration and transit procedures, making the port an international entrepot.

Yangpu is also striving to gain access to bonded fuel oil to meet the demand of ASEAN countries. New shipping lanes will be introduced this year, including at least one route passing through Yangpu to Southeast Asia. This will help consolidate its role as a transit hub and attract more cargo ships to the zone.

Yangpu also aims to build an offshore national pilot trade zone to explore trade liberalization and take steps to improve regulatory agencies.

Located in the Yangpu Peninsula in the northwest of Hainan, the development zone was approved as national level enjoying the preferential policies of free trade zone by the State Council in 1992. In 2007, the State Council approved the establishment of the Yangpu Bonded Port in the zone. It was listed as a "new industrialization demonstration base (petrochemical)" by the Ministry of Industry and Information Technology in 2010 and a "national cyclic transformation pilot demonstration park" by the national development and Reform Commission and the Ministry of Finance in 2014.

The Yangpu Economic Development Zone boasts the shortest distance to international main sea routes among all of China's petrochemical bases. It is the nearest development zone from the South China Sea, and is the bridgehead for the construction of China ASEAN Free Trade Area and the regional economic cooperation in the Beibu Gulf area. The development zone is surrounded by sea in three directions and richly endowed with deep-water wharf and convenient transportation. In addition, it is a zone downwind and conducive to develop port-oriented industries.

The zone has an approved area of 30 sq km with a planned area of 120 sq km. About 50 sq km have been developed with an investment of 77.41 billion yuan ($11.71 billion) since its establishment more than 20 years ago.