An aerial drone photo taken on March 13, 2024 shows the Yangpu international container terminal in south China's Hainan Province. Major projects in China's tropical island province of Hainan are under smooth construction. In recent years, China has made solid strides in making the Hainan Free Trade Port into a paradigm of reform and opening-up at a high level in the new era. Hainan's trade in services has grown significantly in recent years, jumping from 18.5 billion yuan ($2.6 billion) in 2020 to 45.8 billion yuan in 2023, with an average annual growth rate of 35.28 percent, official data showed. Photo: Xinhua

An alliance for global services providers has been officially initiated in the Hainan Free Trade Port (FTP), aiming to share new opportunities for building the Hainan FTP with more professional services institutions. It was announced at the 2024 China International Fair for Trade in Services (CIFTIS) on Thursday.

The first batch of 10 professional services institutions, including Bank of China, China Galaxy Securities, EY, King & Wood Mallesons and Dun & Bradstreet, have joined the alliance.

Previously, a one-stop service platform was officially launched in May in the Hainan FTP, bringing together global professional services institutions to better serve Chinese and overseas enterprises in the FTP, an official said on Thursday during a theme activity for Hainan at the CIFTIS.

South China's Hainan Province is the province of honor at the 2024 CIFTIS and showcases some of its latest technologies related to aerospace and information technology, as well as the new policies of the Hainan FTP.

About 50 services institutions have joined the platform, providing services covering third-party agent registration, human resources, financial intermediary operations, intellectual property work, marketing, education and training.

In recent years, China has made solid strides in making the Hainan FTP into a paradigm of reform and opening-up at a high level in the new era. 

Hainan's trade in services has grown significantly in recent years, jumping from 18.5 billion yuan ($2.6 billion) in 2020 to 45.8 billion yuan in 2023, with an average annual growth rate of 35.28 percent, official data showed.

In 2018, China decided to support the construction of a pilot free trade zone on the entire island of Hainan. In 2020, the country unveiled a master plan to build Hainan into a globally influential high-level FTP by mid-century.