As part of efforts to help businesses leverage the benefits of the RCEP agreement and the preferential policies brought by the development of the free trade port, Hainan released a set of action plans to implement the RCEP agreement in January 2022, followed in March this year by 16 measures to facilitate cooperation between RCEP member countries.

The Expo, which has been held annually since 2021, has also played a major role in helping forge closer ties between the island province and other RCEP member countries and achieving win-win results.

In 2022, Hainan saw a 23.7% year-on-year rise in goods trade with RCEP member countries, hitting 71.18 billion yuan (about $10.34 billion). 

Meanwhile, nearly 200 leading companies from RCEP member countries—primarily from Singapore, Australia, Japan, South Korea, and Thailand—set up subsidiaries on the tropical island last year, bringing in a total investment of 840 million yuan (about $122.06 million).

Hainan’s outbound investment to RCEP member countries tripled compared to 2021, topping $980 million in 2022, with Indonesia, Singapore, Vietnam, and Malaysia as the main destinations.

Transportation, shipping, and travel have been expanded to facilitate exchange and cooperation with RCEP member countries. Located in the northwest part of the tropical island, Yangpu Port—the largest import and export port in the South China Sea—has established 12 international container shipping routes connecting Hainan with RCEP member countries. While Hainan's visa-free policy for travelers from 59 designated countries resumed in March this year, the province opened cargo flights to Singapore, Australia, and South Korea and resumed direct passenger flights to Singapore, Thailand, and Cambodia.