CHINA’S YACHT INDUSTRY GETS SOME WINDS IN ITS SAILS

More than 1,400 yachts have been registered in the city of Sanya alone. The city has become the first on the Chinese mainland to have more than 1,000 yachts. In 2020, China announced that it's implementing zero-tariff policy for yachts in Hainan, part of the country's strategy to build the southern island province into a free trade port. And as the Hainan Free Trade Port is going to start independent customs operations by the end of the year, some are already holding bigger ambitions for this market. "We believe that the yacht industry will see a new breakthrough in Asia Pacific Region. The China market is very important for this industry's development. It has huge opportunities. I believe that in addition to its duty-free policies, Hainan can become a manufacturing hub for yachts, serving not only China market but also the Asia Pacific market." said Mirko Oprandi, Italian Yacht Designer. What that brings is naturally more attention from overseas. "The maritime industry is crucial to global trade and economic development. The UK's maritime sector is a cornerstone of our economy, reporting over one million jobs with productivity 45% higher than the UK average. The vision of Hainan as an international trade port, aligns closely with the UK's maritime economy strategy." said Jessica Shuck, Representative of the British Embassy in China.