The governments of South China's Hainan Province and the Hong Kong Special Administrative Region (HKSAR) sign a Memorandum of Understanding on March 26, 2025. Photo: Official Sina Weibo account of John Lee Ka-chiu, chief executive of the HKSAR

The governments of South China's Hainan Province and the Hong Kong Special Administrative Region (HKSAR) have signed a memorandum of understanding (MOU), aiming to deepen cooperation in five areas - trade and investment, finance, secure flow of data, tourism and the exchange of talent - John Lee Ka-chiu, chief executive of the HKSAR, said on Wednesday.

The signing of the MOU came during the Boao Forum for Asia (BFA) Annual Conference 2025, which is being held in Boao, Hainan from Tuesday to Friday, under the theme of "Asia in the changing World: Towards a shared Future."

In a post on Sina Weibo, Lee said that he was very pleased to meet with Feng Fei, secretary of the Communist Party of China Hainan provincial committee, to discuss strengthening economic and trade ties, attracting talent, and boosting cultural and tourism exchanges between the HKSAR and Hainan, and witness the signing of the MOU. 

Under the support of the central government, Hainan and the HKSAR agreed to deepen cooperation in five areas: trade and investment, finance, secure flow of data, tourism and talent exchanges, Lee said in the post.

In terms of trade and investment, the two sides aim to align industrial and supply chains, and jointly develop a large-scale regional market targeting ASEAN. In terms of talent exchanges, the scope of recognition of HKSAR professional services personnel in Hainan will be expanded, according to Lee.

"The MOU covers a wide range of areas, marking a new stage in the cooperation between the HKSAR and Hainan," Lee said, adding that the move will help the two places to combine their advantages, deepen economic and trade exchanges, and consolidate the regional industrial and supply chains in promoting economic and trade integration between China and ASEAN.

This year will witness the independent customs operations and expanded opening-up of the Hainan Free Trade Port. "I look forward to closer collaboration between the two regions, leveraging the momentum of 'dual-port synergy' to achieve a broader and deeper new phase of development," Lee said.

Speaking at a sub-event of the BFA Annual Conference on Tuesday, Lee also said that "we will continue to join hands with our friends in Hainan to promote free trade and market liberalization, which brings vast opportunities and benefits to the world."

In the speech, Lee highlighted the importance of free trade and multilateralism, noting that Asia, now an engine of global growth, must reject protectionism. He called on responsible economies to unite by expanding free trade, streamlining customs procedures and aligning standards. "Go alone; you may go fast. Go together; we go far," Lee said.