Hainan's Free Trade Port Policy and the signing of the Regional Comprehensive Economic Partnership, the world's largest free trade agreement, have attracted even more overseas investors to the island. Liao Zhu reports. 

Hainan has made significant strides in attracting investment from RCEP member countries, which have established over 190 new foreign-funded enterprises in Hainan, with a total investment of 840 million yuan or about 130-million US dollars being invested in 2022. Notable projects include Singapore's Raffles Medical, which established a medical center in Hainan.

VINCENT CHIA, Managing Director, Raffles China Healthcare "So speaking of our project in the region, Hainan has a great geographical location with strong support from the government. I think it is very important to establish a presence in Hainan. In terms of operation, we will not only attract clients in Hainan, but also clients from other parts of China and Southeast Asian countries. I think this is a very good development opportunity."

The Boao Lecheng International Medical Tourism Pilot Zone – also known as Boao Hope City – not only has preferential policies such as zero tariffs, low tax rates and simplified tax procedures, but also allowed the introduction of new and innovative medicines, medical devices and technologies that have not yet been approved in the Chinese mainland but approved overseas.

YAN LUKAI, Publicity Department Director and Chief Spokesperson, Hainan Boao Lecheng Intl. Medical Tourism Pilot Zone "The Lecheng International Medical Tourism Pilot Zone aims to further attract renowned medical institutions with cutting-edge technologies and market appeal from RCEP countries through the relevant Hainan Free Trade Port policies, while working to further promote the development of the Lecheng International Medical Tourism Pilot Zone. At the same time, we hope to cooperate with more well-known pharmaceutical enterprises from RCEP countries by building an international multi-center drug and medical device clinical trial platform in Lecheng, attracting more products to be introduced, used, innovated and transformed here."

So far, dozens of world-leading pharmaceutical companies have established wide-ranging cooperation with the pilot zone. And about 140 types of medical devices and 100 medicines yet to be approved in the Chinese mainland for cancer and rare disease treatment have been introduced in the region.

LIAO ZHU Haikou "Hainan's strategic location, favorable policies, and commitment to innovation are driving significant investment from, and cooperation with, RCEP member states. The province serves as a crucial platform for international trade and investment in the Asia-Pacific region – with growing significance in the future."

In addition to medical cooperation, the RCEP has made progress in various fields in Hainan province. In 2022, the import and export of goods between Hainan and RCEP member countries was 71.18 billion RMB or about 11.3 billion US dollars. That figure is 23.7% year-on-year, higher than the national 16.4 percentage points, accounting for 35.4% of Hainan's total import and export in the same period.

Also, the fact that a number of internationally renowned corporations have relocated to Hainan shows that efforts to go global are growing steadily. Liao Zhu, Sansha Satellite TV in Hainan for CGTN.