GLOBALink | Opportunities seen as China builds Hainan FTP

Source: Xinhua News Agency     Updated: 2022-08-04 13:19:22
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The island province of Hainan was once a backwater of fisherfolk and poor farmers. But now many people are fascinated by the boundless opportunities it can offer.

In 2020, China released a master plan to build the island into a globally influential and high-level free trade port by the middle of the century.

Since then, a slew of favorable policies have been issued to support the development of the Hainan free trade port (FTP), including zero tariffs and easing market and foreign investment access.

Yangpu Economic Development Zone in Danzhou, a city in the northwestern part of Hainan, is a pioneer and demonstration area for the Hainan FTP.

Over the past two years, over 180 policies and measures have taken effect in Hainan to facilitate trade and investment.

One of the companies benefiting from these policies is AUSCA International Oils and Grains Co., Ltd., which operates Hainan's first grain and oil processing project.

More and more foreigners came to Hainan to invest.

Stefano Fedi, CEO & founder of Skymm Hainan Business Management Co., Ltd., started his business in Haikou, Hainan in 2018.

Produced by Xinhua Global Service