New Yangpu offshore international trade forms top USD 10 billion

By Ding Xin / / Updated: 15:58,15-April-2022

As a key industrial park of the Hainan Free Trade Port, Yangpu is developing into a demonstration area for new forms of offshore international trade. Since the launch of the pilot demonstration zone on March 31, 2020, Yangpu’s accumulated trade volume has reached USD 10.231 billion, making a positive contribution to the development of a new regional offshore international trade center here in Hainan.

New forms of offshore international trade, as explained by the People's Bank of China, refer to the trade taking place between Chinese residents and non-residents, in which the goods involved in the transactions do not enter or leave China's front-line customs territory, or are excluded from customs statistics, including but not limited to offshore resales, global procurement, overseas contract processing, and overseas procurement of goods for contracted projects.

Since the first business transaction was made in September 2020, offshore trade settlement volume in Yangpu totaled USD 1.135 billion that year. 2021 offshore trade settlement volume totaled another USD 6.919 billion. From January to March 2022, the port has achieved a trade balance of  USD 2.177 billion. At present, Yangpu has two banks and five enterprises conducting new forms of offshore international trade business, namely Sinopec (Hong Kong) Hainan Petroleum Co., Ltd., Sinochem Hainan Co., Ltd., PetroChina International (Hainan) Co., Ltd.,  Sinopec (Hong Kong) Hainan Petroleum Co., Ltd., Sinochem International Corporation, and Sun Lead International Ltd.

Hou Shaokai, a senior finance employee of the Danzhou Financial Management Service Bureau, explained that Yangpu makes full use of the policy advantages of cross-border trade and investment to provide support for the facilitation of offshore trade settlement. They assist enterprises in connecting with regional banking institutions and have built a bridge between the government, banks, and businesses.

In the process of developing offshore trade, Yangpu has focused on high-quality enterprises with strong backgrounds, excellent industry foundations, and years of trade resources to carry out offshore trade. The port hopes to continue to attract more leading enterprises with solid needs that have launched businesses overseas to do business in Hainan.

Meanwhile, Yangpu has developed an offshore trade information platform for business authenticity verification. Yangpu will continue to promote the development of offshore trade in the future.



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