China’s Hainan FTP Cements ties with South Korea and the United States

HAIKOU, China, June 15, 2024 /PRNewswire/ — A report from Hainan International Media Center:

Recently, a delegation from China’s southern Hainan Province visited South Korea and the United States for economic, trade and cultural exchange activities. By promoting the policies of the Hainan Free Trade Port (FTP) and displaying the high-quality development results, Hainan has deepened economic, trade, tourism, and cultural ties with the two countries, signing agreements related to cultural tourism, medical & healthcare services, green and low carbon development, high-end consumption, new technology, and financial investment.

Attending the 19th Jeju Forum and the 9th Trilateral Summit Meeting among China, Japan and the Republic of Korea, delegation members from the Hainan Provincial Department of Tourism, Culture, Radio, Television, and Sports signed a "Memorandum of Understanding on Jointly Promoting Workation Projects" with the Jeju Tourism Exchange Bureau to further strengthen the island province’s tourism cooperation with Jeju, promote tourism standards, customer source sharing and mutual delivery, and joint marketing of tourism products. A series of activities will be held next year to celebrate the 30th anniversary of the sister province relationship between Hainan and Jeju.

During their time in the US, the delegation attended the California-Hainan High-Level Climate Dialogue, a signing ceremony for the Philadelphia Orchestra’s 2024 China Cultural Exchange Tour, and other activities. They also met with various parties to implement cooperation projects such as sister city visits, direct flights, climate change response, clean energy, agricultural technology, education, and medical tourism.

Additionally, the delegation attended special seminars or industry matchmaking meetings held by friendly groups, including the U.S. Business Council for International Understanding, PAX sapiens, the National Committee on U.S.-China Relations, and the Chinese Chamber of Commerce of Hawaii.

In recent years—with the development of Hainan FTP as China’s only and the world’s largest free trade port—changes to the island province have been gaining momentum, with rapid improvement in various economic and social aspects. For example, in 2023, Hainan’s GDP grew by 9.2%, trade in goods and trade in services by 15.3% and 29.6%, and overseas direct investment by 104.9%.

As per the introduction of the development status and prospects of the Hainan FTP made at the "Hainan Free Trade Port Promotion Event" held in Seoul, South Korea on May 31, Hainan is remarked as OPEN  ("Outgoing", "Progressive", "Energetic", and "Noteworthy").