COVID-19: Hainan free trade port provides benchmark for China's opening up

KUALA LUMPUR, Sept 15 -- Construction of the Hainan free trade port has improved since Chinese authorities drew up a plan three months ago, demonstrating China's commitment to opening up amid the COVID-19 pandemic.

With supporting policy packages, Hainan is becoming a popular destination for foreign investment and enterprises.

To date, the port has landed 94 major projects including 20 foreign-funded ones, covering sectors such as tourism, modern service and high-tech industries.

“The launch of these projects will bring new growth, not only to the free trade port but also to global investors,” said Hainan International Economic Development Bureau director, Han Shengjian in a statement.

From July 1, Hainan has increased its annual tax-free shopping quota from 30,000 yuan (about US$4,389) to 100,000 yuan per person. (US$1 = RM4.14)

According to official data, sales from four offshore duty-free shops in Hainan topped 5 billion yuan from July 1 to Aug 18, an increase of 250 per cent year on year, with an average daily turnover of over 100 million yuan.

In addition, the Boao Lecheng pilot zone of international medical tourism, a platform to explore the country's development of international medical tourism-related businesses and services, recently launched a special type of drug insurance.

Yan Lukai, an official with the pilot zone administration, said as an innovation of the free trade port construction, the insurance enables Hainan residents to share the policy dividends.

-- BERNAMA