HAIKOU /China/, January 2. /TASS/. South China's Hainan province has created a youth service center that will interact with Hong Kong and Macau on innovation projects and startup development. This was reported by the Nanguo Metropolis Daily.
According to the article, the new structure will be located in the Longhua District in the northwest of Hainan's administrative center, Haikou City. It was created through the efforts of the United Front Work Department of the CPC Provincial Committee with the support of the Hong Kong-Hainan Association.
Framework agreements were signed on the sidelines of the opening ceremony between the head of the center, Yun Haqing, and eight organizations - the local branch of the China Commerce and Industry Bank, the Hainan Tourism Investment Fund Management Company, the Hainan Bar Association, the Hong Kong financial newspaper Xiangang Shanbao and four interregional organizations to promote cooperation in the field of education.
The center will take on new and promising projects. It will help businesses register, provide them with tax and legal services, promote human resource development, and oversee issues related to government support and market development. It is expected to help Hainan's industry development and the formation of more efficient supply chains in the province.
The center will operate in accordance with the Hainan Free Trade Port Master Development Program, the instruction of the Central Committee of the Communist Party of China and the State Council of China to support the comprehensive deepening of reform and strengthening of Hainan's openness, the newspaper notes. It is expected to stimulate the formation of an international consumer center on the island and promote the successful implementation of important economic projects.
Hainan maintains close contact with the business community of the said special administrative regions, actively cooperating with them in the cultural and humanitarian field. Hong Kong plays a particularly important role in the province's economic development. Thus, since 2018, when Chinese President Xi Jinping announced the establishment of an experimental free trade zone and port on the island, more than 1.9 thousand companies with Hong Kong capital have appeared on the island. Hong Kong's actual investment used during the corresponding period was $9.55 billion, more than 76% of the corresponding total for countries and regions that have invested in the Hainan economy.