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Canada Standard
16 minutes ago
- Canada Standard
Hainan free trade port moves to forefront of China's opening-up drive
HAIKOU, June 21 (Xinhua) -- For Canadian visitor Stephanie Wing See Yau, the therapy experience at a care center in Bo'ao, a coastal city in China's southernmost island province of Hainan, felt more like "a vacation." "This place is top-notch. They cater to so many aspects of wellness, not just physical, but mental too," she told Xinhua during her stay in the Boao Lecheng International Medical Tourism Pilot Zone, which hosts over 30 top-tier domestic and international medical institutions. Thanks to special policy support, the pilot zone has introduced 485 cutting-edge medicines and medical devices that are licensed abroad but not yet available in the domestic market. The policy has benefited more than 130,000 patients, including individuals like Yau. Her four-day experience -- blending advanced health screenings, traditional therapies, tea ceremonies, and cultural immersion -- offers much more than just a chance to relax. It showcases a tangible outcome of a key move in China's opening-up strategy: the transformation of Hainan into a Free Trade Port (FTP). As the Hainan FTP is set to begin independent customs operations by the end of the year, it is poised to become not only a tourist haven but also a pivotal gateway for China's opening-up drive. FRONTIER FOR FREE-FLOWING FACTORS A central component of this transformation is the Lecheng medical tourism pilot zone. A total of 25 medical tourism routes have been rolled out to cater to a wide range of needs, including traditional Chinese medicine, chronic disease care, luxury diagnostics and cosmetic rehab, garnering popularity among visitors from countries such as Indonesia, Russia, Spain, and beyond. In 2024, the medical special zone attracted over 410,000 medical visitors, up 36.76 percent year on year. Lecheng is only one part of Hainan's wider push for opening up. Beyond the medical sector, the province has been fast-tracking foreign access across sectors ranging from finance and education to communication and high-tech industries, as China aims to build an FTP with global top-tier trade standards. Hainan, supported by the country's vast domestic market and its strategic positioning, stands as a vital hub that connects the world's second-largest economy with global markets. The FTP is gearing up to be "a pivotal gateway leading China's new era of opening-up," said Chi Fulin, head of the China Institute for Reform and Development. With independent customs operations imminent, the FTP's policy framework, underpinned by features like zero tariffs, low tax rates, simplified tax systems and facilitated factor flows, has taken shape. For firms in Lecheng, a zero-tariff policy on medical imports has saved nearly 8.2 million yuan (about 1.14 million U.S. dollars) in duties since December 2024. The start of independent customs operations will represent a concrete step toward building a major gateway for China's high-level opening-up, Chi said. INSTITUTIONAL OPENING-UP LURING FOREIGN CAPITAL As Hainan FTP has prioritized institutional integration and coordination across trade, finance and regulatory systems, experts believe this will create a powerful driving force for the development of the FTP and contribute to China's high-standard opening up strategy. Official data showed that so far, the province has rolled out a total of 158 institutional innovation cases. These reform measures include technology-empowered public tendering, one-stop business licensing, and a specialized IP zone to support the seed industry. Hainan FTP serves not only as a testing ground for free-flowing goods, services and data, but as a frontier for the innovation of regulations and mechanisms, said Zhou Xiaochuan, vice chairman of the Boao Forum for Asia (BFA). With its optimized business environment, Hainan has emerged as a premier foreign investment destination, ranking among China's top performers. In 2024, the number of foreign-invested enterprises in Hainan rose 19.2 percent year on year, while its foreign direct investment volume climbed to the tenth spot nationally. To date, Hainan has attracted investment from 158 countries and regions, while its economic openness ratio -- the ratio of total trade to GDP -- more than doubled from 17.3 percent in 2018 to 35 percent in 2024. High-profile events held in the province like the BFA, a premier platform advocating openness and multilateral cooperation, and the China International Consumer Products Expo, the largest consumer expo in the Asia-Pacific region, offer global investors dynamic gateways to observe the country's evolving openness agenda. DFS, the travel retail company of the luxury goods conglomerate LVMH, in 2024 sealed its largest single investment in 60 years to launch a landmark complex in Yalong Bay of Sanya, the well-known tropical resort city in Hainan. The project will merge luxury retail, hotels and entertainment, with the goal of building a top destination for luxury shopping and tourism. "Hainan FTP embodies China's commitment to high-standard openness," said Nancy Liu, president of DFS China. China's special economic zones, like Hainan FTP and the 21 pilot free trade zones, serve as pivotal engines for industrial transformation and opening up, Chi noted, highlighting their role as "growth accelerators for both regional and global economies." When the independent customs operations begin, Hainan FTP will create key opportunities for international enterprises to access China's domestic market more efficiently, and play a greater role in enhancing market connectivity with global markets through service trade-focused regulatory alignment, he added.

Miami Herald
32 minutes ago
- Miami Herald
Will skipping ‘Made in China' beat tariff price hikes?
For most shoppers, "Made in China" has been a way of life for consumers. The mark is on seemingly everything. That has consumers concerned about how tariffs and trade battles between the United States and China might hit home, literally. If tariffs ultimately act as a tax on consumers – most economists say they do – how can Americans avoid paying higher prices? Stop buying things that were made in China. That's easier said than Trump recently took to Truth Social to say that the United States and China have a deal that's done, pending final approval of leaders from both countries. He said that U.S. tariffs would be set at 55% on Chinese goods, while China's tariffs remain at 10%. Officially, tariff plans with China and other countries are on hold until July 9, but U.S. Commerce Secretary Howard Lutnick has said several times that the 55% tariff "definitely" will not change. Related: Major housing expert predicts huge change to mortgage rates in 2026 While many of the harshest tariff hikes face legal challenges, current U.S. tariff rates are at their highest levels in nearly a century; estimates from the Yale Budget Lab say that's costing the average U.S. consumer an extra $2,500 a year. A recent study by covering consumer sentiment about tariffs shows that nearly two-thirds of Americans believe tariffs will have a negative impact on their personal finances. Just over 40% of respondents said tariffs would "greatly worsen" their personal finances. But even if consumers decide to tackle the China tariff problem by eliminating spending on goods from the country, it doesn't mean they will save money. They also will find the task daunting, if not impossible. That's according to journalist Sara Bongiorni, who tried to live without goods from China for a year back in the early 2000s; the trials and tribulations of her effort became the basis for her book, "A Year Without Made in China." Bongiorni, now an adjunct professor at Louisiana State University, woke up on Christmas morning in 2005 to a house full of stuff, and as she rummaged through it, she realized almost everything was made in China. "I said to my husband, 'Do you think it would be possible to live for a while without things made in China? You want to try that?' He was not very enthusiastic about that idea, but we gave it a whirl." Related: Forget tariffs, Fed interest rate cuts may hinge on another problem Bongiorni didn't set out to make a political statement or to write a book. She was simply hoping "to understand at a personal level, as best we could, how much we relied on things from China in our everyday, ordinary consumer life." In a recent interview on "Money Life with Chuck Jaffe," Bongiorni recounted how her rule was to avoid the words "Made in China," which are only seen on the end consumer product sold to shoppers. That's a low bar, given that countless products are assembled in the United States or in other countries using parts from China. Those goods-like the ones with the Made in China label-will incur increased costs due to tariffs. Bongiorni noted that in certain product categories – notably toys, household gadgets, many types of electronics, coffeemakers, sneakers and footwear, and children's clothing – it was nearly impossible to find items that weren't made in China. Even when she did find rare exceptions, Bongiorni noted that the options often pushed her to higher-end goods, which meant paying more for the purchase, in some cases, more than she would expect to pay now on goods from China with tariffs attached. "I think there were so many things we didn't buy that year because you couldn't find a viable option that wasn't made in China," Bongiorni said. She also noted that, ironically, it's nearly impossible to celebrate a wholly American holiday like July 4th without goods from China, as the small flags, fireworks, parade toys, festive paper goods, and more were made there. Truly trying to avoid all goods from China – including component parts – would be nearly impossible, Bongiorni said, noting that consumers would find themselves with no easy alternatives. "The share of things, ordinary consumer items from China, account for at least 65% of things you find in a typical household," Bongiorni said. "If you push up [prices with tariffs up to 55%], that is a huge impact, especially when we've got inflation and other things going on in the economy. It's a huge thing for most families to have to shoulder that burden." More Tariffs: Aldi plans huge price cut despite tariffs driving costs higherCar buyers should shop these brands for the best tariff dealGeneral Motors makes $4 billion tariff move Bongiorni does think the United States can bring some manufacturing back onshore, but that will have a limited impact because of the breadth and volume of goods coming from China, and the convenience of having those items and getting them cheaply. "I have a hard time thinking that we can lure ourselves off of our connection to China as consumers as a long-term affair," she said, "but also I can see a huge public outcry because this is going to affect people's bottom line every month." While Bongiorni recalls her efforts fondly nearly two decades later, she says she would not want to permanently do without Made in China, even if tariffs raise costs. Avoiding goods from China and finding alternatives was "incredibly time-consuming." And when there were no viable product options, she was willing to go without certain items for a year, but would not want to sacrifice them for a lifetime. "I do think it's interesting to have an awareness of where things come from, and to get a sense to the extent you can to which you are connected to the international economy on that consumer level," said Bongiorni. "I found that enjoyable and interesting, but the idea of weaning ourselves from Chinese goods, after doing this, just seems very unrealistic.…I can't imagine living like that long-term." Related: Fed official sends shocking message on interest rate cuts The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.


Toronto Sun
41 minutes ago
- Toronto Sun
Canadian Centre for Cyber Security says network devices compromised in China-linked hack
Published Jun 21, 2025 • 1 minute read A person types on a neon computer keyboard. Photo by Uladzimir Zuyeu / iStock / Getty Images Canada's cybersecurity agency said Chinese-backed hackers were likely behind recent malicious activity targeting domestic telecommunications infrastructure, warning that three network devices registered to a Canadian company were compromised in the attacks. This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Don't have an account? Create Account The Canadian Centre for Cyber Security and the U.S. Federal Bureau of Investigation urged Canadian organizations to take steps to harden their networks against the threat posed by Salt Typhoon, a group linked to the Chinese government, in a bulletin issued late on Friday. 'The Cyber Centre is aware of malicious cyber activities currently targeting Canadian telecommunications companies,' the centre said. 'The responsible actors are almost certainly PRC state-sponsored actors, specifically Salt Typhoon,' it said, referring to the People's Republic of China. Separate investigations that revealed overlaps with malicious indicators consistent with Salt Typhoon suggest the cyber campaign 'is broader than just the telecommunications sector,' it said. The hackers will 'almost certainly' continue efforts to infiltrate Canadian organizations — especially telecom providers — over the next two years, the agency said. Beijing has repeatedly denied U.S. allegations of its involvement in Salt Typhoon, which was first reported by The Wall Street Journal last year. In January, the U.S. sanctioned a Chinese firm accused of 'direct involvement' in the infiltrations along with the country's Ministry of State Security. — With assistance from Thomas Seal. Columnists Columnists Toronto & GTA Columnists Toronto & GTA