At present, the Yangpu Port in Hainan is striving to build itself into an international shipping hub of the New Western Land-Sea Corridor. It pays close attention to institutional innovation and has implemented free trade port shipping policies to accelerate the development of the shipping industry.

Within only three months after the issuance of the “Overall Plan for the Construction of the Hainan Free Trade Port,” the "China Yangpu Port" had registered international vessels with a deadweight over 300,000 tons and become one of the top ports of registry for international ships in the nation. By the end of June 2022, 237 ships had been newly registered in Yangpu, with a capacity of nearly 10 million deadweight tons. Thanks to institutional innovations, global shipping resources are being gathered in Yangpu.

“There were merely shipping and terminal companies in Yangpu in the past. But now we have crew companies, shipping service companies, shipping e-commerce platforms, and even some high-tech projects. All kinds of shipping elements are rapidly gathering here,” said Shao Jinning, director of the Transportation and Port & Shipping Bureau in the Yangpu Economic Development Zone.

Yangpu promotes the innovation of the shipping system in line with the world's highest-level of opening up. The institutional innovations of Yangpu Port have been selected as good practices worth being promoted. Focusing on the difficulties in the registration of international ships and regulatory services and centering with the China Yangpu Port of registry policy, Yangpu Port has adopted more than 10 practices of institutional innovation in combination with the maritime, customs, tax and transportation departments.

“We usually need to go through a complex process for handling business concerning the issuance of ship certificates. The issuance of 18 ship certificates used to take us up to two months to handle. After the Hainan Maritime Safety Administration released these new regulations, the time for ship registration has been further reduced to three days. In fact, for ships, time is money. Tens of thousands of dollars of rent is a very big cost for ship owners,” Shao added.