General

The new type of offshore international trade is generally considered the highest form of trade, and its normalization and scaling are key to strengthening the construction of global resource allocation capabilities. Danzhou Yangpu continues to promote the healthy development of new offshore international trade, creating a place for international trade, and conducting pressure tests for the closure of Hainan Free Trade Port throughout the island.

Sinopec (Hong Kong) Hainan Petroleum Co., Ltd. was established in 2013 and was one of the earliest enterprises to settle in the Yangpu Petrochemical Functional Park. The enterprise originally mainly engaged in the warehousing and transfer business of four major categories of oil products: gasoline, aviation coal, diesel, and fuel oil. However, since 2020, taking advantage of the construction of Hainan Free Trade Port, the enterprise has seized new opportunities for development.

Guo Jianhong, Business Manager of the Business Management Department of Sinopec (Hong Kong) Hainan Petroleum Co., Ltd.: Our company, Sinopec (Hong Kong) Hainan Petroleum Co., Ltd., has officially launched offshore international trade business since August 2020. You see, this is a sea bill of lading, which is for Hong Kong. We mainly purchase finished oil from Singapore and sell it to Hong Kong, ASEAN region, and Rotterdam port, which radiates as far as Europe.

Purchasing products from overseas and then selling them to overseas countries or regions, the money can be transferred to the domestic bank account of the enterprise. This kind of trade between the two ends is the basic form for the enterprise to carry out new offshore international trade in Yangpu, Danzhou. However, due to the separation of the "three streams" of offshore trade order flow, goods logistics, and capital flow, determining the authenticity, rationality, and logicality of transactions is a key and difficult task for financial institutions to review.

Zhou Jiwei, Vice President of Yangpu Branch of Bank of China Limited: A company plans to carry out an offshore resale business for oil products. Overseas upstream customers require payment before the goods are loaded, so the bank cannot verify the authenticity of the business through bills of lading. In response, we actively communicate with the company, comprehensively review the business model, transaction process, and relevant documents, and evaluate and confirm the operability of this business from multiple perspectives, And report the overall situation of this business to the Foreign Exchange Bureau, ultimately facilitating the smooth implementation of this business,

In 2020, after the release of the "Overall Plan for the Construction of Hainan Free Trade Port", Hainan explicitly launched a new offshore international trade innovation pilot in Yangpu. In March 2021, the Yangpu New Offshore International Trade Pilot Zone was established and officially released the Global Trader Plan. Subsequently, multiple enterprises such as Sinopec (Hong Kong), Sinopec Petroleum, and Sinochem International began new types of offshore international trade and initially formed enterprise clusters, becoming more involved in global resource allocation. Over the past three years, the cumulative completed business volume has reached 23.5 billion US dollars, involving countries and regions such as Belgium, Singapore, Brazil, Australia, and Hong Kong, China. Among them, in the entire year of 2022, the settlement of new offshore trade reached 12.2 billion US dollars, an increase of 87.3%, accounting for 75% of the province.

Hou Shaokai, a senior financial employee of the Danzhou Financial Bureau, said: Let our true trading market entities form chemical reactions and quantify our existing import and export trade, bulk commodity trade, and service trade. To truly transform Yangpu into an international trade hub. We influence the global flow of goods, funds and information flow through our trade settlement and trade occurrence. Further, we, Danzhou Yangpu, provide our practice samples for the construction of a free trade port through trade in the construction of an internationally influential free trade port.