City to enhance regional ties and boost free trade at high-profile conference

Hong Kong business experts said on Monday that the upcoming Boao Forum for Asia in China’s southernmost province, Hainan, will offer an ideal platform for the city to step up collaboration with the nation’s emerging free trade port, and enhance its regional and international cooperation.

Their remarks came as Hong Kong Chief Executive John Lee Ka-chiu confirmed his attendance at the opening session of the Boao Forum for Asia Annual Conference 2025 on Tuesday.

Often referred to as the “Asian Davos”, the Boao Forum is known for its high-level agenda centered on key drivers of growth and the region’s evolving role. It derives its name from its permanent mainevent venue in Boao town in Hainan.

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This year’s forum will take place from Tuesday to Friday with the theme “Asia in the Changing World: Towards a Shared Future”.

Lee is scheduled to deliver a speech at a subforum dedicated to global free trade port development.

The Global Free Trade Port Development Forum, held alongside the main event, has convened annually for the past four years. It gathers representatives from global free trade ports — including Hong Kong, Singapore, Dubai, and Ireland’s Shannon — as well as from international organizations like the World Trade Organization to discuss cooperation opportunities and strengthen connections.

The free trade port topic is a high priority for host province Hainan, following the launch of its overall development plan as a free trade port in 2020. The plan positions the 33,900-square-kilometer tropical island as the world’s largest free trade zone.

Terence Chong Tai-leung, an associate professor at the Chinese University of Hong Kong’s Department of Economics, highlighted the enormous opportunities that the Boao Forum presents to Hong Kong, an established free trade hub, to enhance cooperation with the fledgling Hainan Free Trade Port.

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He said Hong Kong and Hainan could pilot measures such as easing restrictions on capital flows to boost the island’s development.

Only a 90-minute flight from Hainan’s provincial capital Haikou, Hong Kong is already one of Hainan’s significant business partners. In 2022, Hainan’s exports to Hong Kong totaled 8.61 billion yuan ($1.1 billion), accounting for 11.9 percent of its total export value.

A report published in June by the Hong Kong Trade Development Council encouraged Hong Kong companies to leverage Hainan’s support in establishing complete industrial chains, making full use of the province’s port resources and tax incentives to expand production from the Chinese mainland and domestic sales businesses.

Chong also said that Lee’s engagement with other Asian leaders during the event will enhance mutual understanding, potentially paving the way for Hong Kong’s accession to the Regional Comprehensive Economic Partnership.

The professor also said the event can showcase Hong Kong’s robust intellectual property protection and legal expertise, attracting Asian businesses and talent to tap into the city’s professional services.

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Erik Yim Kong, a lawmaker from the business sector, agreed that the Boao Forum provides an opportunity for Hong Kong to participate in the development of the Hainan Free Trade Port.

Yim, who is also vice-chairman of China Merchants Port, said Hong Kong should capitalize on the global influence of the Boao Forum to enhance collaboration with Asia-Pacific economies.

Secretary for Innovation, Technology and Industry Sun Dong will also attend the forum, and is set to address a separate session titled “Enhancing Digital Capacity Building and Bridging the Digital Divide”.

Other members of the Hong Kong delegation include Deputy Chief Secretary for Administration Cheuk Wing-hing, and Undersecretary for Constitutional and Mainland Affairs Clement Woo Kin-man.

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During his visit to Hainan, Lee will attend the signing of a memorandum of understanding between the Hong Kong Special Administrative Region government and Hainan authorities. He will return to Hong Kong on Thursday.

Marking a further exchange opportunity, the Boao Forum will hold a subforum on international science and innovation in Hong Kong on June 6 and 7.

Lawmaker Yim said that the city’s financial strengths can promote regional applications of technological innovations, which will provide sustainable momentum into Hong Kong’s economy and help the city achieve high-quality growth.

Contact the writers at wanqing@chinadailyhk.com