An alliance for global services providers has been officially set up in the Hainan Free Trade Port (FTP), aiming to share new opportunities to promote professional services institutions in the Hainan FTP. The alliance was announced at the 2024 China International Fair for Trade in Services (CIFTIS). The first batch of 10 professional services institutions, including Bank of China, China Galaxy Securities, EY, King & Wood Mallesons and Dun & Bradstreet, have joined the alliance. A one-stop service platform was officially launched in May in the Hainan FTP, bringing together global professional services institutions to better serve Chinese and overseas enterprises in the FTP, an official said. South China's Hainan Province is the province of honor at the 2024 CIFTIS and showcases some of its latest technologies related to aerospace and information technology, as well as the new policies of the Hainan FTP. About 50 services institutions have joined the platform, providing services covering third-party agent registration, human resources, financial intermediary operations, intellectual property work, marketing, education and training.
In recent years, China has made progress in making the Hainan FTP into a paradigm of reform and opening-up at a high level in the new era. Hainan's trade in services has grown significantly in recent years, jumping from CNY18.5 billion in 2020 to CNY45.8 billion in 2023, with an average annual growth rate of 35.28%. In 2018, China decided to support the construction of a pilot free trade zone on the entire island of Hainan. In 2020, the country unveiled a master plan to build Hainan into a globally influential high-level FTP by mid-century.
The 2024 China International Fair for Trade in Services (CIFTIS) was held last week. In a congratulatory letter, President Xi Jinping pointed out that CIFTIS, having been successfully held for 10 years, shows the high-quality development of China's services industry and services trade, making positive contributions to the building of an open world economy. Together with the China Import and Export Fair and the China International Import Expo, which will be held later this year, the CIFTIS underlined China's commitment to opening up its services sector and sharing its vast market potential with the world, Chinese analysts said. A long list of Global 500 firms, including Tesla, Siemens and Amazon, attended the event, which was held from September 12 to 16, the Global Times reports.
