Hainan FTP promotes China opportunities to UK businesses

A promotional event introducing investment opportunities and benefits in China's Hainan Free Trade Port, or FTP, to businesses in the United Kingdom was held in London on Friday.

More than 200 attendees from various sectors of the Chinese and British political and business communities were present. Four UK companies signed cooperation agreements with the event organizer, Hainan provincial government, to collaborate in the areas of finance, tourism, education and architecture.

China decided to build FTP in South China's Hainan province in 2018, aiming to transform the island province into the world's largest free-trade hub. With respect to trade liberalization and facilitation, preferential policies, such as zero tariff and low tax rates, were released in subsequent years.

By the year 2025, an independent customs operation should be in place.

China's Ambassador to the UK Zheng Zeguang said in his keynote speech at the event that British people are now more aware of the benefits brought about by Sino-British trade ties, and Hainan could inject new energy into this mutual cooperation.

"In 2022, the bilateral trade between China and the UK exceeded 110 billion pounds ($136 billion), also the bilateral stock of direct investment exceeded $50 billion. …The Sino-British trade ties can help the UK halve inflation, reduce debts, improve livelihoods, and transfer to a green future," he said.

Zheng pointed out that Hainan FTP's focus on modern services, luxury consumption, high-technology, energy conservation and digital economy fitted in well with the priorities of the UK economy. In addition, the pilot zones in the FTP for facilitating international investment in tourism, medical tourism, education and more can provide the UK with an opportunity to deepen its ties with other countries in the Asia-Pacific region.

Ni Qiang, vice-governor of Hainan province, said more than 100 UK firms have been set up in the FTP during the past three years, despite the COVID-19 pandemic, with their actual use of foreign investment exceeding 10 billion RMB yuan ($1.4 billion).

"We warmly welcome the UK entrepreneurs to visit Hainan, participate in the construction of the free trade port, and share new opportunities of China's high-standard opening-up," he said.

Sir Sherard Cowper-Coles, chairman of the China-Britain Business Council, encouraged UK organizations and enterprises to play to their strengths in Hainan, as connecting to China and Hainan is "the future of the world".

"China is the future, Zhongguo (China) is the future, and Hainan is the key to that future," he highlighted.

Fang Wenjian, chairman of the China Chamber of Commerce in the UK and general manager of Bank of China's London branch, said UK businesses have shown strong interest in making deals with Hainan in recent years.

As the Hainan FTP brings new opportunities to China-UK cooperation, the future can be very promising, particularly in areas of consumer goods exports, health care, and sustainable development, Fang said.

Officials from Hainan and the province's Sanya and Haikou cities gave details of their industry opportunities and investment projects during the event.

Giles Williams, managing director of the Brooke House College boarding school, announced a cooperation deal between Haikou government and the college's highly-regarded soccer academy.

He said he was amazed by how the Chinese government is able to set out and deliver its development strategies, and hoped that Hainan could take his school a step forward.

"Obviously, the authorities have identified areas that they want to bring in overseas investors, overseas consultants and overseas advisers. And I think it fits in with what Chinese leader talks about in terms of a common purpose and the opportunities that we have, to work closely with Chinese partners to develop a really high-class facility, educational products, and sporting products," he said.

Zheng Wanyin contributed to this story.