HK, Hainan to deepen Trade ties

HONG KONG: There’s broad scope for win-win cooperation between the Hong Kong Special Administrative Region and Hainan province as the tropical island ramps up efforts to turn itself into the world’s largest free-trade port by drafting policies to lure professionals and businesses from the SAR, the Hainan Free Trade Port Promotion Conference in Hong Kong heard on Wednesday.
“Hainan can become Hong Kong’s best partner in trade and economic cooperation as the island’s resources and pillar industries are complementary to those of Hong Kong,” said Shen Xiaoming, secretary of the Communist Party of China’s Hainan Provincial Committee.
As one of the country’s major opening-up measures, the central government aims to turn Hainan Island into a globally influential and high-level free-trade port by the middle of the century. The Hainan Free Trade Port is set to initiate independent customs operations by 2025.
Hainan has formulated 10 measures so far this month to open up its professional services market to Hong Kong, and is soliciting suggestions and opinions. The proposed measures include encouraging Hong Kong financial institutions, such as banks and insurance companies, to set up branches or offices in the province.
Meanwhile, a total of 50 Hong Kong professional qualifications for physicians, social workers, tour guides and structural engineers, involving more than 10 industries, would be recognized in the FTP.
–The Daily Mail-China Daily news exchange item