Island province lines up as free trade hub

Favourable tariff policies will bring in more opportunities.

- Ma Si and Chen Bowen report

Foreign and Chinese companies are scrambling to explore new opportunities in Hainan as the island province prepares to officially begin its special customs operations this month.

Hainan Free Trade Port will implement major favourable tariff policies from December 18, with the proportion of products eligible for zero tariffs rising from 21 per cent to 74 per cent.

International organisations, company executives and experts have talked of the importance of the changes amid rising trade protectionism, saying it fosters free trade and reinforces economic globalisation.

Chinese business leaders, including Yu Minhong, chairman of New Oriental Education and Technology Group, in Beijing, Liu Yonghao, chairman of the animal husbandry company New Hope Group, in Chengdu, Sichuan province, and Li Shufu, chairman of the automaker Geely, in Hangzhou, Zhejiang province, recently led delegations to Hainan to explore potential opportunities and negotiate deals with local companies. They were joined by executives of technology companies such as Unitree Robotics of Hangzhou.