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Canada News.Net
11 hours ago
- Health
- Canada News.Net
Hainan free trade port moves to forefront of China's opening-up drive
HAIKOU, June 21 (Xinhua) -- For Canadian visitor Stephanie Wing See Yau, the therapy experience at a care center in Bo'ao, a coastal city in China's southernmost island province of Hainan, felt more like "a vacation." "This place is top-notch. They cater to so many aspects of wellness, not just physical, but mental too," she told Xinhua during her stay in the Boao Lecheng International Medical Tourism Pilot Zone, which hosts over 30 top-tier domestic and international medical institutions. Thanks to special policy support, the pilot zone has introduced 485 cutting-edge medicines and medical devices that are licensed abroad but not yet available in the domestic market. The policy has benefited more than 130,000 patients, including individuals like Yau. Her four-day experience -- blending advanced health screenings, traditional therapies, tea ceremonies, and cultural immersion -- offers much more than just a chance to relax. It showcases a tangible outcome of a key move in China's opening-up strategy: the transformation of Hainan into a Free Trade Port (FTP). As the Hainan FTP is set to begin independent customs operations by the end of the year, it is poised to become not only a tourist haven but also a pivotal gateway for China's opening-up drive. FRONTIER FOR FREE-FLOWING FACTORS A central component of this transformation is the Lecheng medical tourism pilot zone. A total of 25 medical tourism routes have been rolled out to cater to a wide range of needs, including traditional Chinese medicine, chronic disease care, luxury diagnostics and cosmetic rehab, garnering popularity among visitors from countries such as Indonesia, Russia, Spain, and beyond. In 2024, the medical special zone attracted over 410,000 medical visitors, up 36.76 percent year on year. Lecheng is only one part of Hainan's wider push for opening up. Beyond the medical sector, the province has been fast-tracking foreign access across sectors ranging from finance and education to communication and high-tech industries, as China aims to build an FTP with global top-tier trade standards. Hainan, supported by the country's vast domestic market and its strategic positioning, stands as a vital hub that connects the world's second-largest economy with global markets. The FTP is gearing up to be "a pivotal gateway leading China's new era of opening-up," said Chi Fulin, head of the China Institute for Reform and Development. With independent customs operations imminent, the FTP's policy framework, underpinned by features like zero tariffs, low tax rates, simplified tax systems and facilitated factor flows, has taken shape. For firms in Lecheng, a zero-tariff policy on medical imports has saved nearly 8.2 million yuan (about 1.14 million U.S. dollars) in duties since December 2024. The start of independent customs operations will represent a concrete step toward building a major gateway for China's high-level opening-up, Chi said. INSTITUTIONAL OPENING-UP LURING FOREIGN CAPITAL As Hainan FTP has prioritized institutional integration and coordination across trade, finance and regulatory systems, experts believe this will create a powerful driving force for the development of the FTP and contribute to China's high-standard opening up strategy. Official data showed that so far, the province has rolled out a total of 158 institutional innovation cases. These reform measures include technology-empowered public tendering, one-stop business licensing, and a specialized IP zone to support the seed industry. Hainan FTP serves not only as a testing ground for free-flowing goods, services and data, but as a frontier for the innovation of regulations and mechanisms, said Zhou Xiaochuan, vice chairman of the Boao Forum for Asia (BFA). With its optimized business environment, Hainan has emerged as a premier foreign investment destination, ranking among China's top performers. In 2024, the number of foreign-invested enterprises in Hainan rose 19.2 percent year on year, while its foreign direct investment volume climbed to the tenth spot nationally. To date, Hainan has attracted investment from 158 countries and regions, while its economic openness ratio -- the ratio of total trade to GDP -- more than doubled from 17.3 percent in 2018 to 35 percent in 2024. High-profile events held in the province like the BFA, a premier platform advocating openness and multilateral cooperation, and the China International Consumer Products Expo, the largest consumer expo in the Asia-Pacific region, offer global investors dynamic gateways to observe the country's evolving openness agenda. DFS, the travel retail company of the luxury goods conglomerate LVMH, in 2024 sealed its largest single investment in 60 years to launch a landmark complex in Yalong Bay of Sanya, the well-known tropical resort city in Hainan. The project will merge luxury retail, hotels and entertainment, with the goal of building a top destination for luxury shopping and tourism. "Hainan FTP embodies China's commitment to high-standard openness," said Nancy Liu, president of DFS China. China's special economic zones, like Hainan FTP and the 21 pilot free trade zones, serve as pivotal engines for industrial transformation and opening up, Chi noted, highlighting their role as "growth accelerators for both regional and global economies." When the independent customs operations begin, Hainan FTP will create key opportunities for international enterprises to access China's domestic market more efficiently, and play a greater role in enhancing market connectivity with global markets through service trade-focused regulatory alignment, he added.
Canada Standard
20 hours ago
- Health
- Canada Standard
Hainan free trade port moves to forefront of China's opening-up drive
HAIKOU, June 21 (Xinhua) -- For Canadian visitor Stephanie Wing See Yau, the therapy experience at a care center in Bo'ao, a coastal city in China's southernmost island province of Hainan, felt more like "a vacation." "This place is top-notch. They cater to so many aspects of wellness, not just physical, but mental too," she told Xinhua during her stay in the Boao Lecheng International Medical Tourism Pilot Zone, which hosts over 30 top-tier domestic and international medical institutions. Thanks to special policy support, the pilot zone has introduced 485 cutting-edge medicines and medical devices that are licensed abroad but not yet available in the domestic market. The policy has benefited more than 130,000 patients, including individuals like Yau. Her four-day experience -- blending advanced health screenings, traditional therapies, tea ceremonies, and cultural immersion -- offers much more than just a chance to relax. It showcases a tangible outcome of a key move in China's opening-up strategy: the transformation of Hainan into a Free Trade Port (FTP). As the Hainan FTP is set to begin independent customs operations by the end of the year, it is poised to become not only a tourist haven but also a pivotal gateway for China's opening-up drive. FRONTIER FOR FREE-FLOWING FACTORS A central component of this transformation is the Lecheng medical tourism pilot zone. A total of 25 medical tourism routes have been rolled out to cater to a wide range of needs, including traditional Chinese medicine, chronic disease care, luxury diagnostics and cosmetic rehab, garnering popularity among visitors from countries such as Indonesia, Russia, Spain, and beyond. In 2024, the medical special zone attracted over 410,000 medical visitors, up 36.76 percent year on year. Lecheng is only one part of Hainan's wider push for opening up. Beyond the medical sector, the province has been fast-tracking foreign access across sectors ranging from finance and education to communication and high-tech industries, as China aims to build an FTP with global top-tier trade standards. Hainan, supported by the country's vast domestic market and its strategic positioning, stands as a vital hub that connects the world's second-largest economy with global markets. The FTP is gearing up to be "a pivotal gateway leading China's new era of opening-up," said Chi Fulin, head of the China Institute for Reform and Development. With independent customs operations imminent, the FTP's policy framework, underpinned by features like zero tariffs, low tax rates, simplified tax systems and facilitated factor flows, has taken shape. For firms in Lecheng, a zero-tariff policy on medical imports has saved nearly 8.2 million yuan (about 1.14 million U.S. dollars) in duties since December 2024. The start of independent customs operations will represent a concrete step toward building a major gateway for China's high-level opening-up, Chi said. INSTITUTIONAL OPENING-UP LURING FOREIGN CAPITAL As Hainan FTP has prioritized institutional integration and coordination across trade, finance and regulatory systems, experts believe this will create a powerful driving force for the development of the FTP and contribute to China's high-standard opening up strategy. Official data showed that so far, the province has rolled out a total of 158 institutional innovation cases. These reform measures include technology-empowered public tendering, one-stop business licensing, and a specialized IP zone to support the seed industry. Hainan FTP serves not only as a testing ground for free-flowing goods, services and data, but as a frontier for the innovation of regulations and mechanisms, said Zhou Xiaochuan, vice chairman of the Boao Forum for Asia (BFA). With its optimized business environment, Hainan has emerged as a premier foreign investment destination, ranking among China's top performers. In 2024, the number of foreign-invested enterprises in Hainan rose 19.2 percent year on year, while its foreign direct investment volume climbed to the tenth spot nationally. To date, Hainan has attracted investment from 158 countries and regions, while its economic openness ratio -- the ratio of total trade to GDP -- more than doubled from 17.3 percent in 2018 to 35 percent in 2024. High-profile events held in the province like the BFA, a premier platform advocating openness and multilateral cooperation, and the China International Consumer Products Expo, the largest consumer expo in the Asia-Pacific region, offer global investors dynamic gateways to observe the country's evolving openness agenda. DFS, the travel retail company of the luxury goods conglomerate LVMH, in 2024 sealed its largest single investment in 60 years to launch a landmark complex in Yalong Bay of Sanya, the well-known tropical resort city in Hainan. The project will merge luxury retail, hotels and entertainment, with the goal of building a top destination for luxury shopping and tourism. "Hainan FTP embodies China's commitment to high-standard openness," said Nancy Liu, president of DFS China. China's special economic zones, like Hainan FTP and the 21 pilot free trade zones, serve as pivotal engines for industrial transformation and opening up, Chi noted, highlighting their role as "growth accelerators for both regional and global economies." When the independent customs operations begin, Hainan FTP will create key opportunities for international enterprises to access China's domestic market more efficiently, and play a greater role in enhancing market connectivity with global markets through service trade-focused regulatory alignment, he added.
Korea Herald
26-05-2025
- Business
- Korea Herald
RCEP set to help stabilize global trading system
HAIKOU, China, May 26, 2025 /PRNewswire/ -- The advancement of the Regional Comprehensive Economic Partnership agreement to a higher level and toward broader coverage will bolster economic growth in the Asia-Pacific region and help stabilize a fracturing world trade system, officials and experts said on Sunday. The mega trade pact, covering 30 percent of the world's total population and economic output, should play an even more significant role in championing free trade and mutual benefits as headwinds buffet the global economy, they said at the 2025 RCEP Media and Think Tank Forum held in Haikou, Hainan province. The forum, themed "Jointly Building High-Level and Largest Free Trade Area", was organized by China Daily, the China Institute for Reform and Development and the China Oceanic Development Foundation. "Unilateral protectionism and hegemonic bullying are wreaking havoc worldwide," said Hainan Governor Liu Xiaoming. "Yet the RCEP is injecting robust momentum into the economic integration of the Asia-Pacific, presenting member states with new market opportunities and bolstering the international community's confidence in multilateralism." Hainan, as a free trade port, will fully leverage its existing policies to integrate with the rules of the RCEP, Liu said, adding that the province will turn itself into a crucial hub that facilitates market connectivity, production factor mobility, rule coordination and industrial chain cooperation between China and other RCEP member economies. "In the face of an increasingly uncertain and volatile global landscape, the steady progress of RCEP implementation has become even more precious," said Qu Yingpu, publisher and editor-in-chief of China Daily. "Redoubling our efforts to push forward regional integration and economic globalization is essential for shaping a community with a shared future for mankind," Qu said, adding that the RCEP member economies should work together to build a regional community for scientific and technological innovation. Harnessing the synergies of artificial intelligence-enabled joint research and cooperative networks among RCEP members will greatly enhance the collective capacity for innovation and smart development, he said. The RCEP — the world's largest free trade pact, which is aimed at gradually eliminating tariffs on over 90 percent of goods traded among its 15 members — serves as a critical counterweight to the United States' blanket tariff hikes targeting global economies. Last year, the total trade volume among RCEP members reached $5.7 trillion, up 2.5 percent year-on-year, according to a report released at the forum. China, as a key player of the RCEP, has been making cutting-edge AI capabilities available both domestically and globally, with DeepSeek, a cost-effective and open-source large language model developed at a mere fraction of the cost of comparable US models, being a prime example. "Looking ahead, an RCEP with higher standards, a broader scope and more inclusive development will surely inject certainty into the global economy," said Chi Fulin, president of the China Institute for Reform and Development. At present, the RCEP comprises the 10 member states of the Association of Southeast Asian Nations, as well as China, Japan, South Korea, Australia and New Zealand. China's Hong Kong Special Administrative Region, Sri Lanka and Chile have submitted applications seeking accession to the RCEP. Chi said that Hong Kong's accession would not only boost growth of regional trade, but also drive regional financial development and enhance the internationalization of regional industries. If Chile joins the group, it would mark an upgrade of the RCEP from a purely regional arrangement to a cross-regional one, he added. Secretary-General of ASEAN Kao Kim Hourn said, "The growing interest from potential applicant countries and regions represents a powerful testament to our commitment to maintaining an open and inclusive agreement." He added that relevant parties are working diligently to finalize the details of the accession process as expeditiously as possible. Meanwhile, the full completion of negotiations on the Version 3.0 China-ASEAN Free Trade Area and the accelerating negotiations for the China-Japan-South Korea Free Trade Agreement are also converging to open up more opportunities for regional growth. Lyu Bin, president of the China Oceanic Development Foundation, called for efforts to construct a platform for cooperation on the blue, or marine economy, helping RCEP member nations to identify their comparative resource advantages and optimize the layout of their marine industries.
Malay Mail
27-04-2025
- Business
- Malay Mail
CIRD chief: Multilateralism crucial for RCEP to tackle global economic challenges, expand trade and counter US tariffs
BEIJING, April 27 — The Regional Comprehensive Economic Partnership (RCEP) should be steadfast in upholding multilateralism and counter challenges such as trade protectionism, as well as measures like the reciprocal tariffs announced by the United States (US). President of the China Institute for Reform and Development (CIRD) Chi Fulin said it is more crucial now than ever for regional economies to uphold multilateralism through the RCEP. 'RCEP is a very dynamic free trade area. As the world's largest free trade agreement (FTA), the RCEP accounts for one-third of the world's total economic output, trade value, population and foreign investment,' he said in an article published in China Daily here recently. According to Chi, member economies recorded an average annual gross domestic product (GDP) growth of 4.5 per cent, 1.7 percentage points higher than the global average from 2010 to 2023. He added that as the key regional driver, the total trade-to-Gross Domestic Product (GDP) ratio of Asean nations increased from 84 per cent to 93 per cent from 2016 to 2023, Chi said. 'This demonstrates that maintaining a stable free trade order is decisive for the growth of Asean and RCEP economies,' he noted. RCEP is the FTA involving 10 Asean countries, namely Brunei Darussalam, the Philippines, Indonesia, Cambodia, Laos, Malaysia, Myanmar, Singapore, Thailand and Vietnam, with five other Asean partners that include Australia, China, Japan, South Korea and New Zealand, that was signed in November 2020. RCEP entered into force for Malaysia on 18 March 2022. Chi highlighted that the RCEP is expected to contribute an additional 4.47 percentage points to Asean's GDP growth by 2035. Furthermore, he pointed out that advancing economic and trade cooperation with the Shanghai Cooperation Organisation will also be important. 'Therefore, the regional economies should jointly build the RCEP to a higher level,' he said. Moreover, Chi emphasised that China, Japan and Korea account for over 80 per cent of RCEP's total economic output and should enhance trilateral cooperation, particularly in the service sector, which could unlock US$1.4 trillion (US$1 = RM4.38) in new market opportunities. He opined that expediting the transition from country-specific to unified tariff concessions and moving from 'partial cumulation' to 'full cumulation' of rules of origin will facilitate integrated regional supply chains. Chi also called for greater coordination in strengthening RCEP's institutional framework, including establishing a permanent secretariat and a dedicated dispute settlement committee. — Bernama
New Straits Times
27-04-2025
- Business
- New Straits Times
RCEP must be steadfast in countering challenges, expand trade — CIRD
BEIJING: The Regional Comprehensive Economic Partnership (RCEP) should be steadfast in upholding multilateralism and counter challenges such as trade protectionism, as well as measures like the reciprocal tariffs announced by the United States (US). President of the China Institute for Reform and Development (CIRD) Chi Fulin said it is more crucial now than ever for regional economies to uphold multilateralism through the RCEP. "RCEP is a very dynamic free trade area. As the world's largest free trade agreement (FTA), the RCEP accounts for one-third of the world's total economic output, trade value, population and foreign investment," he said in an article published in China Daily here recently. According to Chi, member economies recorded an average annual gross domestic product (GDP) growth of 4.5 per cent, 1.7 percentage points higher than the global average from 2010 to 2023. He added that as the key regional driver, the total trade-to-Gross Domestic Product (GDP) ratio of ASEAN nations increased from 84 per cent to 93 per cent from 2016 to 2023, Chi said. "This demonstrates that maintaining a stable free trade order is decisive for the growth of ASEAN and RCEP economies," he noted. RCEP is the FTA involving 10 ASEAN countries, namely Brunei Darussalam, the Philippines, Indonesia, Cambodia, Laos, Malaysia, Myanmar, Singapore, Thailand and Vietnam, with five other ASEAN partners that include Australia, China, Japan, South Korea and New Zealand, that was signed in November 2020. RCEP entered into force for Malaysia on 18 March 2022. Chi highlighted that the RCEP is expected to contribute an additional 4.47 percentage points to ASEAN's GDP growth by 2035. Furthermore, he pointed out that advancing economic and trade cooperation with the Shanghai Cooperation Organisation will also be important. "Therefore, the regional economies should jointly build the RCEP to a higher level," he said. Moreover, Chi emphasised that China, Japan and Korea account for over 80 per cent of RCEP's total economic output and should enhance trilateral cooperation, particularly in the service sector, which could unlock US$1.4 trillion (US$1 = RM4.38 in new market opportunities. He opined that expediting the transition from country-specific to unified tariff concessions and moving from 'partial cumulation' to 'full cumulation' of rules of origin will facilitate integrated regional supply chains. Chi also called for greater coordination in strengthening RCEP's institutional framework, including establishing a permanent secretariat and a dedicated dispute settlement committee.
