Hainan must overtake Hong Kong on international trade in digital age, Alibaba’s Jack Ma Yun says

A plan to transform “China’s Hawaii” into a digital economic leader could help set new global trade rules that would be more palatable to countries unhappy with free trade rules “set by the West”, Alibaba Group Holding executive chairman Jack Ma Yun said.

China’s richest man, who has been named a special adviser to the island of Hainan, also said the resort area should aim to become a hub for the digital economy by taking the lead in making the yuan an international currency and promoting mobile payments technology. Alibaba owns the South China Morning Post.

Hainan must aim to “overtake Hong Kong” by becoming a major player in digital age international trade, Ma said, speaking to mark his appointment to the Business Leaders’ Advisory Council. The council was created to advise the government on its plan to accelerate Hainan’s opening up and the development of the China (Hainan) Pilot Free Trade Zone.

“The ongoing Sino-US trade talks are actually about both parties wanting to explore a new set of rules for trade,” Ma said, referring to negotiations aimed at resolving the tariff battle US President Donald Trump launched amid US complaints about America’s trade deficit with China and other trade-related issues.

“I believe that the most important value of the Hainan free trade port lies here; it is not about building a port, but rather it is about how Hainan can actively participate in the formulation and setting of new rules of global trade.”