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.
Ma suggests that Hainan today stands at roughly the same crossroads as Shenzhen, a leading southern China technology hub, did decades ago. Photo: Alamy
“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.”
Go Hainan? China tries to woo the world to its Hawaii
The “rules of the game on free trade are set by the West”, Ma said. However, “the whole world is not satisfied about how the new rules are being set.
“The US is not happy with the rules of the game as set by the World Trade Organisation, Europe is not happy with it and in fact, neither is China,” he said.
Hainan, an island of roughly 9 million people at the nation’s southernmost point in the South China Sea, earned the nickname of “China’s Hawaii” because of subtropical weather that has made it a popular holiday destination.