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City still has a lot of advantages despite new regulations that will allow the tropical island to attract domestic and international visitors as well as businesspeople.
Premier’s stress on the importance of private sector, further opening up to foreign investment and trade should boost confidence at home and abroad amid economic challenges.
My family’s Hainan holiday nightmare is more than a cautionary tale for travellers in zero-Covid China. It’s a story of local officials ignoring direct orders from Beijing – and an arbitrary, abusable health code system being used for social control.
Despite each of us testing negative for Covid-19 more than a dozen times, my family and I remain stranded on the island province amid its current outbreak – and we could be here for weeks to come.
Hainan’s proximity to city means both economies can complement each other, as businesses on the island may utilise Hong Kong’s expertise in legal and financial services.
- Chinese delegates for years have robustly fended off criticism at the forum from neighbouring countries and Western governments
- Analysts are expecting a similar firm stance from Beijing’s new defence minister when he addresses this week’s event
Unemployment among China’s youth rose above 20 per cent for the first time, while Hainan is readying for its first durian harvest this year and the C919 completed its first commercial flight in May.
With extreme weather set to once again test the nation’s electricity grid after heatwaves and drought last year, the Chinese government has been quick to respond to the threat, according to The Lantau Group.
Hainan, a tourist hub and shopping mecca at the southern tip of China, saw disappointing retail sales during the country’s first ‘golden week’ holiday since Covid-19 restrictions were lifted.
Chinese shoppers see little reason to travel abroad for a luxury spending spree, with Hainan’s duty-free mall takings 203 per cent above 2019 levels – so what does that mean for LVMH et al?
The government and businesses rolled out new attractions, services and sales as the island province saw a 15 per cent increase in long-haul bookings last month, according to an agency.
The procurement is a boost for Comac in helping China to fulfil President Xi Jinping’s aspiration to challenge the dominance of Boeing and Airbus in the home or even the global market.
Club Med aims to build one or two more resorts in Hainan province, most likely in major cities such as Sanya and Wenchang, while parent Fosun Tourism is optimistic about posting a profit after back-to-back losses in 2021 and 2022.
Hong Kong firms are following peers Chow Tai Fook, Kerry Logistics and Micro Connect to expand in ‘China’s Hawaii’ amid hopes of a consumer-spending rebound.
The CEOs of luxury brands have been making a beeline for mainland China, one of their most important markets, after the country ended its strict zero-Covid policy and reopened borders earlier this year.
Foreign consumer brands are rushing to China’s tropical island of Hainan, riding on hopes for a post-pandemic economic recovery to drive a revival in tourism and local demand.
China’s tropical vacation destination, in its southernmost province, was the darling of domestic tourists during the pandemic, but a resumption of international travel gives holidaymakers more options.
Bank of East Asia plans to set up its first branch in Hainan province, as officials in China’s largest free-trade hub court foreign investment in the financial sector.
Chinese consumers are expected to be the most important revenue source for duty-free operators in six out of the 10 largest markets globally, Euromonitor International said. Within China, Hainan is unlikely to be the country’s only duty-free zone in the future.
The German carmaker will set up an academy in Hainan province with the aim of training local talent for the electric vehicle industry as it vies for a larger share of the sector.
China’s plan to turn Hainan into the world’s largest free-trade port by 2025 will – for the most part – be complementary to Hong Kong and Guangdong, and open up trade opportunities with Southeast Asia.
The Haixun 03 will enable safety authorities to support services stationed 1,200km away on Subi Reef, analyst says.
Zhang Yuzhuo, chairman of the State-owned Assets Supervision and Administration Commission, says body is willing to enhance cooperation mechanism with city.
Sa Sa plans to open five to seven stores across Hong Kong and Macau this year, but sales will take until after 2026 to return to pre-pandemic levels, says CFO Danny Ho.
With China looking to reconnect with the business world, this week’s Boao Forum for Asia in Hainan offers a glimpse at how authorities are hoping foreign investors and businesses can reinvigorate China’s economy.
China is gearing up for the harvest of its first domestic durian crop this summer after more than four years of cultivation, but analysts do not expect the local industry to challenge Southeast Asian exports.
Hong Kong companies have reason to be optimistic about the return of Greater Bay Area’s (GBA) affluent tourists, but McKinsey & Company cautions that the city no longer is the no-brainer shopping destination, as Hainan and “daigou” become increasingly popular.
China is introducing 17 new measures to expand financing for home rentals and fundraising options for related companies.
The US$36.4 million facility in Hainan ‘of special importance to safeguard maritime rights’ in the disputed waterway.
US officials believe a Chinese balloon that was shot down after crossing the continental United States was blown off course by prevailing winds.
The island province has drafted policies to facilitate Hong Kong retailers’ expansion into its booming consumer market while allowing certain goods to bypass lengthy customs and approval procedures.
