Uncategorized
Hainan free trade port in prosperous development
By Zhao Peng, Han Chunyao, Luo Shanshan, People’s Daily
In April 2018, China announced the decision to support the southern province of Hainan in developing the whole island into a pilot free trade zone and gradually exploring and steadily promoting the establishment of a free trade port (FTP) with Chinese characteristics.
Five years on, the construction of the Hainan FTP has achieved fruitful results and significantly boosted the development of the province.
Hainan’s GDP expanded 5.3 percent annually on average in the past five years, while the province’s trade in goods and services surged 23.4 percent and 17.7 percent each year averagely during the same period.
Hainan’s total foreign trade accounted for 34.7 percent of its GDP last year, up 15 percentage points in five years. Besides, it’s actual use of foreign capital doubled for three consecutive years in 2018, 2019 and 2020, and the five-year total exceeds the sum of the previous 30 years.
The Yangpu international container port at Yangpu economic development zone, Hainan province, has opened 40 domestic and international sea routes. Last year, the port handled nearly 1.77 million twenty-foot equivalent units, a year-on-year increase of 34.06 percent.
Tourism, modern services, high technology and high-efficiency agriculture with tropical characteristics, which are four leading industries of Hainan province, now make up 70 percent of the province’s GDP, up from 53 percent five years ago. In 2022, 13 key industrial parks in the Hainan FTP reported revenue of over 1.8 trillion yuan ($262.05 billion), 31.6 percent more from a year ago.
Hainan has become an engine that forcefully drives consumption. Sales of offshore duty-free shops in the province have exceeded 130 billion yuan in the past five years; the Boao Lecheng International Medical Tourism Pilot Zone, a cluster of industries of international medical tourism, has introduced and employed more than 300 types of drugs and medical equipment; six Sino-foreign education joint ventures and projects have been officially approved and kicked off in the Hainan Li’an International Education Innovation Pilot Zone.
Over the past five years, Hainan province has vigorously optimized its business environment, making it law-based, internationalized and business-friendly, as well as fair, transparent and expectable, which offers important support for the construction of the Hainan FTP.
Hainan has introduced more than 180 policies to optimize its business environment, including exempting tariffs for imported raw materials, transportation vehicles, yachts and self-use production equipment, lowering the income tax rate to 15 percent for eligible companies, capping the personal income tax rate at 15 percent for individuals with high-level and in-demand expertise working in Hainan, and exempting tariff for domestic sales of goods with added value. The province’s foreign investment negative list contains only 27 items, the shortest in the country.
As Hainan’s business environment continues to be optimized, the province has become a hot destination for business entities. It is reported that the number of newly established business entities in the province in the past five years is more than the total of the past three decades.
“Our trade volume increased significantly last year, with more types of products being exported. Our business has been expanded to South Korea, Malaysia, Indonesia and other countries,” said Li Xiaotao, general manager of a foreign trade company in Hainan.
Li’s company received its first Certificate of Origin under the Regional Comprehensive Economic Partnership (RCEP) on the day that the trade pact went into force on Jan. 1, 2022. Thanks to the certificate, the company enjoyed zero tariff treatment for a batch of aluminum sulfate products exported to Japan.
At present, Hainan province is enjoying the dividends from both the RCEP and FTP policies. Last year, the province’s trade volume with RCEP members grew 23.7 percent to reach 71.18 billion yuan, accounting for 35.4 percent of Hainan’s total foreign trade in the same period.
On Jan. 6, the first project for independent customs operations in Hainan province was completed at the Boao airport in Qionghai, Hainan.
Projects for independent customs operations are iconic and fundamental projects for the construction of the Hainan FTP. According to an overall plan on the construction of the FTP, before 2025, the province, centering on trade and investment liberalization and facilitation, and based on effective supervision, will take systematic steps to advance opening-up process, facilitate the convenient and efficient flow of various factors, achieve early harvest, and initiate independent customs operations throughout Hainan Island in due courses. So far, Hainan has comprehensively kicked off the preparations for independent customs operations.
The projects for Independent customs operations would turn Hainan province into a region inside the national border but outside the customs territory of China, which will further highlight freedom and facilitation, said Liu Feng, director of the Research Center for Free Trade Port with Chinese Characteristics of Hainan Normal University. According to him, independent customs operations will maximumly optimize the resource allocation for the Hainan FTP.
By Fabian Apechihin
The 2026 Constitution Amendment Bill has moved to the state level following its consideration by the National Assembly, paving the way for state legislatures to consider the proposed amendments.
The development comes amid renewed attention on constitutional reform and ongoing discussions over proposed changes to Nigeria’s governing framework.
Meanwhile, the House of Representatives has defended FCT Minister Nyesom Wike over allegations surrounding borrowing by the Federal Capital Territory Administration.
House spokesperson Akin Rotimi Agbese, speaking in an interview with Channels Television, rejected claims that Wike had undertaken borrowing without the knowledge or approval of the National Assembly.
Agbese said the FCT minister could not independently create a sovereign borrowing obligation, stressing that public borrowing is subject to constitutional, statutory and administrative procedures.
“Wike has committed no infraction in borrowings. There is no basis for the allegation that he has been borrowing money behind the back of the National Assembly,” Agbese said.
He explained that borrowing to finance infrastructure was not unlawful where the required approvals and procedures had been followed.
“Borrowing for infrastructure development is not unlawful in itself, provided the prescribed approvals and procedures are followed,” he added.
The House spokesperson further argued that an increase in the FCT’s debt profile should not automatically be interpreted as evidence of illegal borrowing, citing the scale of infrastructure projects being undertaken in Abuja under Wike.
According to Agbese, the key issue is whether the appropriate approvals were obtained for specific borrowing transactions, rather than simply whether the FCT’s overall debt profile has increased.
The comments come as scrutiny continues over public borrowing, infrastructure financing and the legal procedures governing government debt at both the federal and sub-national levels.
By Fabian Apechihin
The 2026 Constitution Amendment Bill has moved to the state level following its consideration by the National Assembly, paving the way for state legislatures to consider the proposed amendments.
The development comes amid renewed attention on constitutional reform and ongoing discussions over proposed changes to Nigeria’s governing framework.
Meanwhile, the House of Representatives has defended FCT Minister Nyesom Wike over allegations surrounding borrowing by the Federal Capital Territory Administration.
House spokesperson Akin Rotimi Agbese, speaking in an interview with Channels Television, rejected claims that Wike had undertaken borrowing without the knowledge or approval of the National Assembly.
Agbese said the FCT minister could not independently create a sovereign borrowing obligation, stressing that public borrowing is subject to constitutional, statutory and administrative procedures.
“Wike has committed no infraction in borrowings. There is no basis for the allegation that he has been borrowing money behind the back of the National Assembly,” Agbese said.
He explained that borrowing to finance infrastructure was not unlawful where the required approvals and procedures had been followed.
“Borrowing for infrastructure development is not unlawful in itself, provided the prescribed approvals and procedures are followed,” he added.
The House spokesperson further argued that an increase in the FCT’s debt profile should not automatically be interpreted as evidence of illegal borrowing, citing the scale of infrastructure projects being undertaken in Abuja under Wike.
According to Agbese, the key issue is whether the appropriate approvals were obtained for specific borrowing transactions, rather than simply whether the FCT’s overall debt profile has increased.
The comments come as scrutiny continues over public borrowing, infrastructure financing and the legal procedures governing government debt at both the federal and sub-national levels.
By Fabian Apechihin
The Peoples Democratic Party (PDP) has reaffirmed its intention to contest the 2027 presidential election despite the decision of Federal Capital Territory Minister, Nyesom Wike, to support President Bola Ahmed Tinubu’s re-election bid.
The party said Wike’s decision was personal and did not alter its position to participate in the presidential election with its candidate, Senator Sandy Onor. PDP National Publicity Secretary, Jungudo Haruna Mohammed, made the clarification on Wednesday.
According to the party, a recent conversation between Wike and Onor should not be interpreted as a political negotiation between the minister and the PDP.
“He told Nigerians that Sandy is his friend. And they only had a friendly discussion within the umbrella of friendship. So, that is just a personal discussion between him and his friend,” Mohammed said.
He added that Wike’s support for Tinubu did not prevent the PDP from fielding candidates for the presidential, governorship and legislative elections.
Wike had earlier clarified that his support in 2027 was specifically for Tinubu’s presidential re-election and did not amount to an agreement that the PDP would withdraw from other electoral contests. He also said he never promised that the PDP would abandon its candidates for governorship, National Assembly and State House of Assembly elections.
“I said I will support the President from day one. I never told Mr President I will join APC,” Wike said.
The minister also maintained that his proposed Rainbow Coalition was not an arrangement with the All Progressives Congress (APC), but rather a platform through which politicians from different parties could mobilise support for Tinubu’s re-election.
The issue has generated disagreement with some APC governors, who have expressed concern about a political arrangement that could affect the party’s candidates at other levels.
APC Progressive Governors’ Forum Chairman, Hope Uzodinma, said the governors would not support any alliance or arrangement that could weaken the APC or adversely affect its candidates.
Meanwhile, APC presidential campaign council spokesperson Ima Niboro has urged Wike and APC governors to end their public exchanges and concentrate on political mobilisation.
“When I said tone down the rhetoric, I do not mean stop working. Stop talking, go and work,” Niboro said.
He urged political leaders to strengthen their grassroots structures and engage directly with voters rather than continue exchanging statements in the media.
“All this shouting is not taking anybody anywhere. Go and work. Go and establish your authority on your political base,” he said.
2026 Constitution Amendment Bill Moves to States
2026 Constitution Amendment Bill Moves to States
2027: PDP Insists on Presidential Contest Despite Wike’s Support for Tinubu
-
Uncategorized6 years agoFG, states urged to harness flooding for ranching, others with technology – Agbaje
-
Headlines11 years agoBreaking: EFCC seals Borno House of Assembly, as Hon members take to their heels
-
News12 years agoNigeria Security Operatives Stage Manhunt For Homosexual Perpetrator
-
News10 years agoHow 21-year-old Girl fled community over accusation of lesbianism
-
News11 years agoYobe Gov Moves Against Deputy
-
Opinion7 years ago7 signs she has friend zoned you
-
Technology5 years ago
Online job placement company headhunts women
-
Headlines10 years agoBorno Dep Gov Abducts Another Church Leader