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Hainan Will Increase Cooperation With Taiwan Under The Free Trade Port Program

Hainan Will Increase Cooperation With Taiwan Under The Free Trade Port Program

The southern Chinese province of Hainan intends to step up the promotion of exchanges and cooperation with Taiwan in the field of modern agriculture, high technologies, and services, according to a plan developed by the local government to attract Taiwanese compatriots to participate in the construction of the Hainan free trade port.

According to this plan, Hainan will use its main industrial parks to develop links between the two regions in areas such as education, health, modern agriculture, and water protection. Hainan is one of the regions with a large presence of Taiwanese business. Currently, according to official data, about 1.9 thousand Taiwanese enterprises or projects related to agriculture, tourism, transport, restaurant business, healthcare, new energy, and biotechnology are registered in the province.

The Hainan government intends to use the advantages of the province to more actively attract Taiwanese investment in agricultural cooperation projects, as well as promote links between Hainan and Taiwanese universities.

Attention will also be paid to increasing student exchanges. Hainan authorities, according to the plan, welcome the participation of Taiwanese educational institutions in the international pilot zone in the field of Lian education, as well as the opening of joint schools. Hainan is also interested in attracting new medical technologies and equipment to the Lecheng international medical tourism pilot zone in Boao.

The plan also provides for increasing cooperation in the financial sphere. The Hainan government will encourage Taiwanese financial institutions to open offices in the new Jiandong district in Haikou and the Central business district of Sanya city-two key industrial parks of the Hainan free trade port.

On June 1, the Chinese government published a program for the development of a free trade port in Hainan, according to which the province should turn into a Special Customs Zone. The country's authorities plan to complete the creation of a free port on the territory of the region by 2025; by this time, the island should have a system for ensuring free trade and investment.

By 2035, the free port and its model will become more Mature. By this time, Hainan plans to ensure freedom of trade and investment, cross-border movement of capital, entry, and exit of people, and cargo transportation.

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