Sing TAOEdward Yau Tang-wah, Secretary for Commerce and Economic Development, said the establishment of the new Hainan free trade port is not a "zero-sum game" for Hong Kong as the city will also benefit from a more open economy. China announced plans for the further opening up of its southern island province of Hainan, aiming to facilitate free trade, investment and cross-border capital flows in Hainan, and eventually designated imported goods will be exempted from tariffs on the whole island. Yau said the Hainan free trade port will attract more investment, and as a regional center, Hong Kong will benefit from the openness, such as providing professional services. The construction of the Hainan free trade port "will not bring shocks to Hong Kong," as they have different orientations and priority industries, said Lin Nianxiu, deputy director of the National Development and Reform Commission. The country will work to promote the joint development of Hainan and the Guangdong-Hong Kong-Macao Greater Bay Area and ensure Hong Kong's long-term prosperity and stability, Lin noted.

Source: The Standard June 08, 2020 19:07 UTC