The year 2025 marks a turning point as Hainan's Free Trade Port transforms from an ambitious blueprint to a fully operational global trade hub. Held in the coastal town of Boao, the Annual Boao Forum for Asia offers an international stage to showcase openness and innovation, setting the tone for a new era of economic cooperation.
Drawing inspiration from leading centers like Singapore and Dubai, the Hainan FTP—situated in the Chinese mainland with strategic access to the South China Sea—is redefining free trade in the 21st century. With its focus on modern services, high-tech industries, and tourism, the region is leveraging institutional innovations and international high-standard trade rules to create a legal and convenient business environment.
Early results are promising. In 2024, Hainan experienced a robust 9.2% GDP growth while foreign direct investment surged by 34%. Cross-border e-commerce has also flourished, with duty-free sales reaching 3.51 billion yuan through policies such as the "zero-tariff" initiative and streamlined customs procedures. These measures have significantly reduced operating costs and attracted a wave of global businesses and high-end talent.
The convergence of the Hainan FTP and the Boao Forum embodies the spirit of open cooperation. Beyond economic reform, Hainan is positioning itself as a testing ground for innovative models—bolstered by developments in the digital and low carbon economies, as well as collaborations like that with the Wenchang International Aerospace Center. This synergy not only bridges regional markets in the Chinese mainland but also offers global businesses a dynamic gateway into a vast consumer market and a modern economic system.
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Hainan FTP and Boao Forum: A synergy of openness and opportunity
cgtn.com
