On Mar. 18, a Hainan Free Trade Port - Hong Kong Media Conference & Promotional Event was held in Hong Kong, showcasing the latest development progress of the Hainan FTP as well as discussing new opportunities for collaboration between Hainan and Hong Kong.

On Mar. 18, a Hainan Free Trade Port - Hong Kong Media Conference & Promotional Event was held in Hong Kong.

According to information released at the conference, Hainan is currently focusing on major areas such as trade & investment, financial services, cultural tourism consumer spending, and talent & professional services. The development of the Hainan-Hong Kong Economic Cooperation Demonstration Zone is rapidly accelerating, expanding achievements in Hong Kong’s unilateral professional qualification approval, promoting deep integration of industrial chains, supply chains, and value chains, and forging a new and open collaboration between the two sides.

Century Bridge, an iconic landmark of Haikou, the capital city of the Hainan FTP.

At the event, Hainan and Hong Kong’s strong industrial complementarity was discussed. Since the Hainan FTP island-wide special customs operations commenced, the commodity categories of the province’s ‘zero-tariff’ policy have been significantly expanded, and policies such as tariff exemptions for processing and value-added tax have effectively reduced business costs, facilitating the cultivation of Hainan - Hong Kong cross-border industrial clusters and setting up a ‘Hong Kong orders - Hainan production - global sales’ model. Hong Kong companies investing in Hainan can not only reduce costs thanks to preferential policies such as the zero tariff policy and low tax rates, but also benefit from multiple policies unique to the Hainan FTP.

At the event, Hong Kong media representatives spoke enthusiastically about the future prospects and outlook of Hainan-Hong Kong cooperation, asking multiple questions on issues related to different sectors in Hong Kong. Hainan officials provided detailed responses during the conference, as well as an introduction to Hainan’s measures in regards to the impact of island-wide special customs operations, tax system reforms, and the industrial complementarity of Hainan and Hong Kong.