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Hainan Province turned into investment magnet — governor

According to Liu Xiaoming, Hainan is stepping up the pace of construction of the free trade port

HAIKOU /China/, April 11. /TASS/. The southern Chinese province of Hainan is stepping up the pace of construction of the free trade port and has already turned into a magnet for investment and foreign capital, Xinhua News Agency cites the province's governor Liu Xiaoming as saying.

"Hainan has already turned into a magnet for investment, attracting a flood of foreign capital," the agency quoted him as saying.

As of 2018, the number of new foreign-invested enterprises in the province has increased by an average of 65% annually, the according to the official. By now, according to official data, their total number exceeds 6,500.

The governor also pointed out that trade in duty-free goods is also rapidly growing. In 2023, the total number of customers at such stores increased by 59.9% and the transaction volume increased by 25.4%. The provincial authorities, he added, are also actively working to improve the business environment in the province, improving the service trade, e-commerce and intellectual property rights protection.

The Hainan Free Trade Port program, published in June 2020, envisions turning the island into a special customs zone. The national government expects to have generally completed the free port by 2025, by which time the island should have a system in place to ensure free trade and investment.

By 2035 the free port will have developed into a mature system. By that time, Hainan will have the freedom of trade and investment, cross-border movement of capital, travel, and freight transportation.

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