Export of services in South China's Hainan Province effectively doubled in January - September, amounting to 11.67 billion yuan (over $1.6 billion at current exchange rate). This was reported by the region's Department of Commerce.
According to his assessment, Hainan steadily increases the volume of trade in services, constantly expanding the scope of interaction with foreign partners in a number of areas. At the same time, there have been important changes in the structure of the province's trade turnover, which is expected to enable it to better compete in foreign markets.
Among Hainan's key exports in this area, as noted, are the servicing of international air and sea vessels, tourism and logistics projects. Offshore transactions are playing an increasingly important role, boosting commercial services trade, which has grown 4.5-fold in value, to 10.07 billion yuan ($1.38 billion) over the three quarters of this year. As a result, their share of the province's cross-border exchange of intangible goods exceeded 42 percent.
"Since the General Program for the Formation of Hainan Free Trade Port was published [on June 1, 2020], the authorities have taken a series of strategic measures. Thanks to them, Hainan's potential in services, for which there is a demand in international markets, has increased markedly," the Hainan Daily newspaper quoted the provincial Department of Commerce as saying.
In recent years, Hainan's contribution to the development of world trade has been steadily increasing, the department said. "Our province has become an important link in the transformation and optimization of global trade," the statement stressed.
In April 2018, Chinese President Xi Jinping announced the establishment of an experimental free trade zone and port on Hainan. The goal of the program is to bring the island into the process of globalization and international labor distribution, and to lay a solid foundation for innovation. The provincial government creates an attractive environment for investors and creates a well-developed research infrastructure. According to the government plan, by 2050 this region will become a unique international cluster with an advanced economy, where campuses of leading universities, advanced laboratories and headquarters of global corporations will be located.