New types of offshore international trade in Danzhou’s Yangpu Economic Development Zone in South China’s Hainan Province are increasing rapidly, with a total trade volume of USD 5.72 billion in the first half of the year, a year-on-year increase of over 120%, according to the local finance department.

The Yangpu Economic Development Zone has become a demonstration zone for free trade in China’s island province of Hainan. HAINAN DAILY

Trade volume in the Yangpu Economic Development Zone has totaled USD 13.774 billion since the zone piloted new types of offshore international trade in September 2020.

On March 31, 2021, a demonstration zone for new types of offshore international trade was established in Yangpu, and plans were launched to attract global investment in order to develop it into a regional offshore trading hub.

Yangpu has now attracted many large enterprises engaged in offshore international trade, including SINOPEC Hainan Petrochemical Co., Ltd., Sinochem International Corp., C&D (Hainan) Co., Ltd., Sinopharm, and more.

According to the local finance department, Danzhou will build an information management system for offshore trading in cooperation with the Provincial Department of Commerce to facilitate cross-border trade and investment in the second half of this year, with the aim to reach a total trade volume of 8 to 10 billion USD in 2022.

Translator: Chen Shumin