China’s Hainan free-trade hub reinvents itself as Hong Kong’s rival – and partner

Hainan is developing its free-trade port and is emerging as a potential rival to Hong Kong's role as a regional shopping and low-tax hub. Despite this competition, both Hainan and Hong Kong are signaling interest in closer cooperation. Since implementing a separate customs regime three months ago, Hainan has positioned itself as a “super partner” to Hong Kong across various sectors, including industry chains, finance, and tourism.