Editor's note: William Huang is a managing partner of EY China South. The article reflects the author's opinions and not necessarily the views of CGTN.

China has a population of more than 1.4 billion with over 400 million people in the middle-income group. It is the largest market with the greatest consumption potential in the world. No other economy can compare to this.

With such huge domestic demand and consumption, China's opening-up has become the engine that propels dual circulation development, enabling a favorable business environment for both foreign and domestic enterprises.

The economy of scale is a strong driving force for companies to make substantial investments in research and development, use of big data and analytics so they can develop innovative products and services, as they try to enhance their market share. This in turn improves consumer experience and drives domestic consumption. As a result, a stronger domestic market will develop and attract foreign investment.

When the momentum kicks in, this will improve consumer experience and increase choice and, in the long run, boost spending confidence, improve employment rates and drive steady economic growth in China.

During this process, the China International Consumer Products Expo (CICPE) has served as a great window and a grand platform for the high-level opening-up. It's a window for overseas businesses to get a taste of the potential and vitality of China's consumption power, and attract them to enter and invest in the domestic market. And, as a platform, it allows brands in China to showcase their innovation, ideas and products. By taking advantage of the Hainan Free Trade Port policies, the CICPE connects domestic and international market resources. It also drives the development of tourism, exhibition and related services and is helping build Hainan into an international tourism and consumption destination.

In the past five years, Hainan Province has successfully promoted reform and innovation in the local business environment, catching the attention of overseas enterprises as it serves as the gateway to enter the China market. Hainan is also committed to developing as a key intersection featuring dual circulation, in which domestic and overseas markets reinforce each other to create synergy with China's regional development strategies such as the Guangdong-Hong Kong-Macau Greater Bay Area.

With the proximity between the Greater Bay Area and the Hainan Free Trade Port, their industrial structures can complement each other to allow more efficient policy planning and implementation. Also, they both have a unique locational advantage: for Hainan an international distribution center can be developed while the Greater Bay Area can provide the logistics linkage and serve as an information-sharing platform to support the entire industry.

To achieve a win-win situation, the Hainan Free Trade Port should work closely with the Greater Bay Area to share and create new opportunities for development. The two areas should also explore resource integration and growth in areas such as cross-border financial services, green finance, exhibitions and science and innovation.

To sum up, the development of the Hainan Free Trade Port has been a testing ground for system integration and innovation, and it has been a great success. With its independent customs operations, Hainan's export-oriented economy will achieve further leapfrog development. One of the positive outcomes will be the effective implementation of the "letting firms in and do business" policy. It will inject strong vitality into the development of high-energy services trade, and also promote the rapid development of services trade in international finance, telecommunications, culture, education and other areas.