‘Yacht economy’ fuels high-quality development in Hainan Free Trade Port By Zhang Weilan in Sanya Published: Apr 16, 2025 11:12 PM Tourists take yachts to have fun in Sanya, south China's Hainan Province, Feb. 13, 2025. The yacht tourism industry has recently seen a boom in Sanya of Hainan, with local maritime authorities implementing various measures to ensure safe travelling experiences of tourists on the sea. (Photo: Xinhua) The coastal city of Sanya, South China's Hainan Province, is witnessing the fast development of its yacht economy, boosted by favorable policies in the Free Trade Port (FTP). Hainan's FTP policies have injected strong momentum into its yacht industry through tariff reductions, facilitation of foreign yachts and extension of the industry chain, helping it become a new benchmark for marine tourism in the Asia-Pacific region. Lin Mingkun, president of the Sanya Cruise and Yacht Association, told the Global Times on Wednesday. One day earlier, a yacht exhibition opened at the Sanya International Yacht Center, as part of the ongoing 5th China International Consumer Products Expo. Covering 166,800 square meters, including more than 90 percent water, the show is one of the largest on-water shows in the Asia-Pacific region, which has attracted 62 companies from more than 20 countries and regions. A total of 150 yachts are on display. Sanya is boosting its yacht economy with FTP policies. In February, the local government issued new regulations to promote the development of the yacht industry throughout the Hainan FTP. These regulations feature a zero-tariff policy for the import of vehicles and yachts. Specifically, registered enterprises in Hainan engaged in the transportation and tourism sectors are exempted from import duties when importing vehicles, aircraft, ships and yachts. Official data showed that as of the end of 2024, Sanya was home to a registered yacht fleet exceeding 1,400 vessels, with more than 127,900 yacht departures. "The city will continue to deepen the development of the yacht industry, focusing on yacht research and development, design, manufacturing, exhibition, sales, maintenance, and consumption" said Wang Qiyang, Secretary of the Sanya Municipal Party Committee, at the opening ceremony of the show on Wednesday. This yacht show serves as a platform for global companies to enter the Chinese market. We aim to collaborate with top yachting regions and welcome investment in Sanya to explore new opportunities in the yachting industry, Wang said. William Ward, co-founder and CEO of the Clipper Round the World Yacht Race, told the Global Times on Wednesday that there is a growing enthusiasm among the young in China, as many of these individuals have no prior sailing experience but quickly become proficient and passionate sailors. "Five years ago, we began efforts to promote sailing in China," Ward said. "This includes establishing a joint venture to introduce high-level safety standards, combining those of the Royal Yachting Association and the Chinese Yachting Association. Clipper plans to open sailing academies across the country, starting with a facility in Qingdao scheduled to open in June of this year." Ward also highlighted that the visa-free travel policy for international sailors and tourists will encourage more yacht enthusiasts to visit Hainan, significantly boosting the region's appeal as a sailing destination.

‘Yacht economy’ fuels high-quality development in Hainan Free Trade Port

The yacht economy in Sanya, Hainan, is experiencing rapid growth due to Free Trade Port (FTP) policies. These policies include zero-tariff imports for vehicles and yachts, boosting the local yacht industry. The 5th China International Consumer Products Expo showcased this growth with a large yacht exhibition featuring 150 vessels from over 60 companies. The initiative aims to deepen yacht-related sectors like research and development, manufacturing, and maintenance, while also attracting investment and expanding the market.