Hainan cross-border trade in service sees rapid rise

According to Department of Commerce of Hainan Province, Hainan’s cross-border trade in service is showing great momentum for rapid development so far this year. The total volume of Hainan's import and export has achieved substantial year-on-year growth, with the cross-border supply mode accounting for more than 90% of the rise.

In the first seven months of 2021, Hainan’s total imports and exports reached 15.653 billion yuan, up 68.47% over last year's numbers, including imports valued at 11.103 billion yuan and exports at 4.55 billion yuan, up 68.96% and 67.30% respectively. The top three industries in terms of trade volume were telecommunications computers & information, transportation, and intellectual property royalties, accounting for 76.02% of the total volume. Furthermore, Hainan now has a total of 127 cross-border partners, seven more than last year. Hainan’s volume of service trade with Singapore, the United States, Japan,Ireland and Hong Kong SAR combined accounted for 77.66% of the total.

For the three modes of cross-border trade in service: cross-border supply, consumption abroad, commercial presence, and movement of natural persons, Hainan saw a total volume of 14.359 billion yuan from January to July, with the proportions of cross-border supply, consumption abroad, and movement of natural persons measuring 91.73%, 7.99%, and 0.27% respectively.

China implemented the country’s first negative list for cross-border service trade on Aug. 26th. This list further improves the openness, transparency, and predictability of the Hainan Free Trade Port's cross-border trade in service and formulates a framework for the implementation of the negative list stressing regulation-making, policy explanation, and more.