One of the ship operators, Li Min, cited lower costs and streamlined procedures as decisive factors.

"Registering under the new policy significantly reduces our taxes and operational expenses," Li said.

"Hainan's innovative registration system also improves service efficiency."

He added that the combination of the free trade port's geographic advantages and the new policy will enable higher-quality services for the Belt and Road Initiative projects and other maritime initiatives.

Cai outlined three pillars of Hainan's strategy to bring its registration services in line with international standards: implementing world-class regulatory policies, enhancing administrative efficiency, and fostering integrated industrial chains.