China's south Hainan province has applied to establish the next free trade zone of the country and it will further tap the cooperation potential with the Association of Southeast Asian Nations (ASEAN).
According to a report from 21st Century Business Herald on Monday, Hainan's vice governor Mao Chaofeng said during the Boao Forum for Asia (BFA) that, Hainan has submitted the application to build a FTZ in the area of Yangpu bonded area, Haikou bonded area, Sanya city and Sansha city.
Wang Keqiang, vice director of the commerce department of Hainan province, said Hainan will play a different role in cooperation with the ASEAN from Guangxi, as Guangxi depends on its land connection with the ASEAN while Hainan will take the advantage of its ports.
Wang said trade between ASEAN countries and Hainan's Yangpu port, Dongfang port has seen fast growth in the recent years and once upon the approval of the FTZ, the cooperation is expected to further strengthen.
Moreover, Hainan province is accelerating upgrading the tourism industry to lead its plan of constructing a modern service industry. The topic is also frequently discussed at the ongoing Hainan International Tourism Trade Expo, which is held in Sanya from March 26 to April 1.
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