Editor's note: Liu Chunsheng is an associate professor at the Beijing-based Central University of Finance and Economics. The article reflects the author's opinion, and not necessarily the views of CGTN.

The Boao Forum for Asia Annual Conference 2023 will be held from March 28 to 31 in South China's Hainan Province. The forum will include conferences themed on development and inclusiveness, efficiency and security, regional and global cooperation, as well as discussions on the present and the future. 

Boao Forum, serving as a platform connecting China and the rest of the world, attracts more attention this year because the global economy is amid huge uncertainty and risks and China is expected to play a more critical role in the world economic recovery. 

Boao Forum has gained world famous reputation for Hainan in its five years construction of Free Trade Port. Hainan's strategic location in the South China Sea and its designation as a free trade port (FTP) make it a critical hub for trade and investment, both within China and across the broader region. Thus, Hainan FTP is emerging as a key player in the Belt and Road Initiative (BRI), which will mark its 10th anniversary in 2023. 

Hainan's FTP status was granted in 2018, as part of China's efforts to liberalize trade, investment, and cross-border flows of capital, technology, and talent. This policy allows for duty-free imports and exports, reduced tax rates, and streamlined customs procedures for goods entering and leaving the island. Hainan is being positioned as a new model for economic reform, one that emphasizes openness, innovation, and market-driven development. Hainan's position in the South China Sea also makes it an ideal hub for sea-based trade with Southeast Asia and beyond, further increasing its appeal to businesses and investors looking to tap into the opportunities presented by the BRI. 

Both BRI and Hainan FTP showcased China's efforts and determination of opening up. Hainan FTP is catching up with the BRI, by serving as a gateway for trade and investment between China and Southeast Asia, which is the main region of the 21st Century Maritime Silk Road. Hainan FTP will provide a range of incentives and support for businesses looking to expand into the region, including tax breaks, streamlined customs procedures, and access to a wide range of supporting services. This will make Hainan an attractive destination for both domestic and foreign businesses and investors, who will be able to tap into the growth potential of the region, while also benefiting from the island's FTP status. 

Hainan will be positioned as one of the most open provinces in China and will create a rare historic opportunity for China to cooperate with Southeast Asian countries and regions along the Belt and Road. The construction of the Hainan FTP will help optimize the allocation of resources in the region and accelerate the process of investment and trade liberalization. 

Focusing on the mission of serving the country's major strategies, Hainan has promoted the construction of the Hainan FTP with high quality and high standards, and has achieved fruitful results in cooperation with countries along the Belt and Road. 

Since the establishment of Hainan FTP, significant breakthroughs have been made in the interconnection with countries along the Belt and Road with ASEAN as the mainstay.  

In the future, Hainan FTP's participation in the Belt and Road international cooperation will be targeted. It will focus on developing cooperation with countries along the Belt and Road such as those around Hainan. Hainan will strengthen cooperation with countries in port construction, transportation logistics and cruise tourism, promote maritime connectivity, and build a regional aviation hub.  

Hainan will give full play to its unique advantages and participate in BRI's international cooperation with characteristic industries and resources. In addition, Hainan should take advantages of its policies during the construction of free trade port, seize the opportunities for the development of digital trade and service trade, and take the lead in deploying digital economic cooperation and service trade cooperation with countries along the BRI.  

Business environment is the basis for the above plans. Therefore, Hainan needs to promote the construction of a high-standard market system, adhere to the principles of the equal market access and fair supervision for different players and ensure fair and orderly market competition. Furthermore, the establishment of a social credit system and protection of intellectual property is indispensable. 

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