The Tribune

By Peng Jing

Commercial Attaché of the Chinese Embassy in The Bahamas

In May 2025, the Honourable Alfred Sears, Minister of Immigration and National Insurance, made a special trip to Hainan, China’s southernmost province, after attending the China–Community of Latin American and Caribbean States (CELAC) Forum.

Strolling along the coconut-fringed beaches of Sanya in Hainan, he couldn’t help but exclaim, “The sunshine, sand, and sea breeze here make me feel as if I’ve returned to The Bahamas.” This heartfelt remark not only highlights the similarities in the natural landscapes of the two places but also reflects the shared development aspirations of Hainan and The Bahamas as tropical island economies—embracing the world through openness and creating the future through cooperation.

The Hainan Free Trade Port is a major strategic initiative in China’s reform and opening-up in the new era. Since its launch in 2018, it has established a policy system characterized by “zero tariffs, low tax rates, and simplified tax regulations” and built an institutional framework for the “five freedoms” in trade - investment, capital flows, personnel movement, and transportation. These measures align closely with the development philosophy of the Grand Bahama Free Port, underscoring the shared commitment of both regions to enhancing economic vitality.

In terms of industrial development, Hainan focuses on advancing tourism, modern services, high-tech industries, and efficient tropical agriculture, while accelerating the cultivation of three future-oriented sectors: the seed industry, deep-sea technology, and aerospace—collectively known as the “land, sea, and air” industries.

In 2024, Hainan welcomed over 97 million tourist visits, with duty-free shopping revenue continuing to rise, marking significant progress in building an international tourism and consumption hub. At the same time, the blue economy has emerged as a new growth driver, with clean energy accounting for 75% of installed capacity, and industries such as marine ranching and offshore wind power steadily advancing. These practices offer valuable insights for island economies exploring sustainable development pathways.

On Thursday, December 18, Hainan Free Trade Port will launch its island-wide independent customs operation, a landmark project marking a new phase in the development of the Free Trade Port. This operation is not about isolation but the beginning of higher-level openness.

After the operation takes effect, Hainan will become the only island-wide special customs supervision area in mainland China, implementing the management model of “First Line open, Second Line managed, island-wide free.” This will truly establish an independent customs zone, significantly enhancing trade facilitation and providing easier access for specialty products from The Bahamas and other countries to enter the Chinese market.

More importantly, the island-wide independent customs operation will drive deeper industrial integration. New business models such as offshore trade, cross-border e-commerce, and bonded maintenance will experience rapid growth, while the functions of international shipping and aviation hubs will continue to strengthen. For Bahamian businesses, this means they can leverage the Hainan platform to more efficiently connect their high-quality seafood, handicrafts, and tourism services with China’s vast market.

Though separated by vast oceans, Hainan and The Bahamas share many similarities. Both are located within the golden tropical belt between 18 and 25 degrees north latitude, boasting rich marine resources and a pristine ecological environment. The Bahamas’ extensive experience in offshore finance and ship registration complements Hainan’s explorations in Free Trade Port institutional innovation and industrial cultivation, providing ample room for mutual learning and exchange.

Particularly noteworthy is The Bahamas’ high dependence on imported food supplies, while Hainan holds unique advantages in tropical agriculture. The Chinese Academy of Tropical Agricultural Sciences, designated as a “Reference Center for Tropical Agriculture Research and Training” by the UN Food and Agriculture Organization, has trained nearly 7,000 participants from over 110 countries, including The Bahamas. Hainan’s expertise in the breeding, processing, and full-industry-chain development of tropical crops such as coconuts can directly support The Bahamas in enhancing its agricultural self-sufficiency.

Taking the opportunity of Hainan Free Trade Port’s island-wide independent customs operation, I wish to provide some of my own thoughts on how to strengthen cooperation:

Tropical Agriculture Cooperation - Jointly establish agricultural technology demonstration parks, promote high-quality tropical crop varieties and cultivation techniques from Hainan, and collaborate on building processing bases for products such as coconuts and seafood to help diversify The Bahamas’ food supply sources.

Blue Economy Synergy: Leverage The Bahamas’ status as a regional maritime hub and Hainan’s development as an international shipping center to explore cooperation in marine tourism, shipping logistics, and marine technology, creating a trans-ocean blue economic corridor.

Tourism Resource Sharing: Jointly design “tropical island tourism routes,” promote mutual tourist exchanges, and recognize each other’s service standards to enhance the international competitiveness of tourism in both regions.

Green Financial Innovation: Combine The Bahamas’ strengths in offshore finance with Hainan’s financial opening-up policies to explore cooperation in green financial products such as blue bonds and carbon sink trading.

Deepening Cultural Exchanges: Expand interactions in education, culture, youth, and other fields to allow the tree of cooperation to flourish.

The development of the Hainan Free Trade Port is a vivid reflection of China’s commitment to high-level opening-up. China’s door will not close; it will only open wider. Currently, China is advancing the modernization drive with high-quality development. Its super-large market of 1.4 billion people, well-developed industrial ecosystem, and continuously optimized business environment will provide more market opportunities, investment opportunities, and growth opportunities for countries around the world, including The Bahamas.

We sincerely invite friends from all sectors in The Bahamas to experience the vibrant energy of the Hainan Free Trade Port firsthand and jointly seize the new opportunities brought by the island-wide independent customs operation. We welcome more Bahamian friends to pay attention to Hainan, learn about Hainan, and explore cooperation with Hainan.