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Ban Ki-moon, former secretary-general of the United Nations, highlighted the great potential of economic cooperation between South Korea’s Jeju province and South China’s Hainan province on Wednesday.“Both are island provinces, and I’m sure that there can be a mutual exchange of cooperation,” Ban, who is chairman of the Boao Forum for Asia, said on the sidelines of the forum.Jeju province, officially Jeju Special Self-Governing Province, is elevated as the only special province in the country, Ban said. Meanwhile, China has stepped up efforts to develop Hainan province into a free trade port —which is expected to be China’s first free trade port.Ban said he hopes leaders of the two provinces can have discussions about how the two islands “can mutually reinforce their potential to become centers of tourism, and economic and social cooperation”.Also, Hainan province should deepen international exchanges and diversify  areas of cooperation, during which “Jeju province also can  be a good partner of Hainan”, Ban said.

Bad debts fall in high-growth regions

Bank of Communications, one of China's "big five" banks, said on Thursday that it has suspended opening new positions for crude oil trading products, citing significant pricing and liquidity risks in the international oil market. The move followed the decisions of Bank of China and China Construction Bank, which announced similar trading suspensions on Wednesday.

Bao Hongwen, head of the statistics bureau, said last year's slower GDP growth is the "twinge" Hainan must endure amid its economic restructuring and upgrading.

Back in 2016, the office handled only 17 parcels in the first month after its opening. Now the number has grown steadily to an average of 200 per month, thanks to the fast-growing logistics industry in recent years.