China's Hainan pursues development with further BRI integration: official

HAIKOU -- South China's island province of Hainan has the major opportunity and responsibility of promoting the strategic linkage between the Belt and Road Initiative and the Free Trade Port development, according to a local official.

The province will give full play to its policy and location advantages, continue to expand opening up, and demonstrate the impact of bilateral exchanges with tangible projects, said Bateer, vice governor of the province in a recent interview with Xinhua.

Boasting unique policy advantages, Hainan has in recent years made every effort to promote the implementation of the FTP policy, created a more fair and open business environment, and attracted investment from Belt and Road partners in Hainan.

From January to August this year, the number of new foreign-invested enterprises established by Belt and Road partners in Hainan increased by 24.12 percent year-on-year.

Hainan also supports enterprises in increasing their investments in Belt and Road partners including Singapore, Indonesia, Malaysia, Vietnam and Cambodia, covering manufacturing, agriculture, education and other industries, while enhancing the links between domestic and international markets and resources.

In the first eight months of this year, Hainan added 49 overseas investment projects in Belt and Road partners, and the actual amount of investment in Belt and Road partners is increasing year by year.

Meanwhile, economic and trade exchanges between Hainan and Belt and Road partners have also been deepened.

In 2022, the import and export volume of Hainan's trade with Belt and Road partners had reached 94.4 billion yuan ($13 billion), up 62.8 percent year-on- year. In the first eight months of this year, the figure was 71.19 billion yuan, an increase of 23.3 percent compared with the same period last year.

Hainan has made full use of major international events including the Boao Forum for Asia, the China International Consumer Products Expo and the Hainan Island International Film Festival to build platforms for cooperative research, dialogues and information sharing, deepening exchanges and cooperation with Belt and Road partners.

Bateer said that in the future, Hainan will strengthen practical cooperation with Belt and Road partners at various levels and in various fields by furthering opening up, focusing on project construction, and deepening cultural exchanges.