The 2024 Boao Forum for Asia kicked off on March 26th, bringing together leaders, policymakers, and business luminaries from across the Asia-Pacific region to deliberate on pressing economic, political, and social issues. Hosted annually in Boao, China, the forum serves as a platform for dialogue and collaboration, fostering regional integration and sustainable development.

On March 27th, the Global Free Trade Port Development Forum has taken place as part of the Boao Forum for Asia Annual Conference in the coastal city of Boao. This marked the fourth time the forum has hosted such an event within its framework. Themed around "Partnership, Openness, and Cooperation," this year's forum embraced a unique "1+1" model, amalgamating a high-level dialogue with a cooperation negotiation session and a welcome banquet. The event attracted over 200 attendees, nearly half of whom hailed from overseas, representing more than 35 media outlets.

During the high-level dialogue, participants engaged in comprehensive discussions centered on topics like "Building Global Free Trade Zone (Port) Partnerships," "Promoting Cooperation in Global Free Trade Zones (Ports)," and "Expanding Institutionalized Openness in Global Free Trade Zones (Ports)." These deliberations provided insights into constructing the Hainan Free Trade Port. The day also witnessed the release of documents such as "The Role of China's Free Trade Zones in Promoting Institutional Innovation, Industrial Transformation, and South-South Cooperation"  and the "Concept Document on Global Free Trade Zone (Port) Partnership Initiative."

Expanding the "Free Trade Circle"

Against the backdrop of global economic sluggishness and challenges to economic globalization and supply chain security, the trend of regional economic integration represented by multilateral free trade agreements such as the RCEP and the CPTPP is gaining momentum. This emphasizes the theme of win-win cooperation as the main theme of global economic development.

During last year's Global Free Trade Port Development Forum, Hainan, in conjunction with 25 domestic and foreign free trade zones (ports), jointly initiated and signed the "Global Free Trade Zone (Port) Partnership Initiative." Presently, 32 free trade zones (ports) have joined the initiative, including 11 overseas free trade zones (ports) spanning Asia, South America, and Africa. This continual expansion underscores the principles of openness, inclusiveness, and mutual benefit.

Participants emphasize that free trade zones are not only crucial platforms for economic cooperation but also pivotal forces in promoting global trade liberalization and facilitation. Within the constantly evolving international landscape, cooperation among global free trade ports is increasingly urgent and significant.

Mutual Learning

Successful experiences accumulated in the development of global free trade zones provide a valuable reference for the construction of China's free trade ports and strengthening cooperation while learning from each other promotes enduring partnerships.

According to Chen Guoji, Secretary for the Administration of the Hong Kong Special Administrative Region Government, active exploration of global cooperation, establishing and maintaining economic and trade relations with partners worldwide and expanding emerging markets such as ASEAN, the Middle East, Central Asia and Africa are imperative. Additionally, continuous expansion of Hong Kong's global economic network facilitates the entry of goods and services into the Chinese mainland and international markets. Efforts to sign investment agreements with different overseas economies ensure investment in Hong Kong and abroad is protected, enhancing global investors' confidence.

During the forum, various parties offered suggestions on how the Hainan Free Trade Port can effectively leverage its advantages to enhance trade and investment liberalization and facilitation, achieving mutually beneficial development with its partners.

Yan Haojun, CEO of Singapore Changi Airport Management and Investment Company, highlighted the civil aviation industry's role in driving Hainan's tourism industry and promoting foreign trade. Through air transportation, Hainan's products can be quickly delivered worldwide, enhancing Hainan's international competitiveness.

To further develop Hainan's civil aviation industry, Yan Haojun suggested formulating development strategies aligned with Hainan's actual situation and future trends. He emphasized the need for more open aviation policies, extensive communication and negotiation with policy-making units, domestic and foreign airlines, and relevant corporate bodies to ensure policy openness, feasibility, and effectiveness.

"Hainan also needs to improve its civil aviation management system, strengthen cooperation with foreign airlines, airports and entities abroad to enhance civil aviation development's international influence and competitiveness," said Yan Haojun.

Both the Hainan Free Trade Port and the Guangdong-Hong Kong-Macao Greater Bay Area feature high-level opening-up as outstanding characteristics. The two regions' "bidirectional movements" are of great significance to China's accelerated construction of a new development pattern.

Zheng Yongnian, former director of the Institute of International Affairs at the Chinese University of Hong Kong (Shenzhen) and chairman of the Guangzhou Institute of Guangdong-Hong Kong-Macao Greater Bay Area Research, emphasized the need for Hainan to deepen its connection with Hong Kong and continuously attract people to the free trade port for development.

In terms of industrial development, financial services, internet, AI, and other industries, these are all areas where the Hainan Free Trade Port can explore coordinated development with the Guangdong-Hong Kong-Macao Greater Bay Area.

"The Greater Bay Area has industrial market advantages, and Hainan has open advantages. The combination of the two can achieve economic integration of the Hainan Free Trade Port and the Greater Bay Area," said Chi Fulin, Director of the China (Hainan) Institute of Reform and Development.

In conclusion, the 2024 Boao Forum for Asia and the Global Free Trade Port Development Forum held within its framework signify crucial steps towards regional cooperation and economic integration in the Asia-Pacific region. As global challenges persist, the expansion of free trade zones and the exchange of developmental experiences between regions like Hainan and the Greater Bay Area demonstrate the importance of mutual learning and collaboration in driving economic progress. Through concerted efforts and strategic partnerships, these initiatives aim to contribute to the formulation of policies and initiatives that will shape the future trajectory of the Asia-Pacific region and advance global efforts towards a more sustainable and resilient future.