All news

Hainan eyeing small foreign IT and medical companies

Chinese authorities provide preferential conditions for small and medium-sized enterprises

ST. PETERSBURG, June 7. /TASS/. The regions of southern China's Hainan Province are interested in attracting small and medium-sized IT, pharma, financial services, education and tourism enterprises from abroad, said Deputy Head of the Secretariat of the Party Committee of the Province Sun Dahai on the sidelines of the St. Petersburg International Economic Forum (SPIEF). 

"We do not want companies which might damage the islans's environement. We welcome small and medium-sized enterprises specializing in IT, finance, medicine, education. These industries are well-established on Hainan", Sun Dahai stated. 

Favourable conditions 

According to the Chinese politician, in order to attract foreign capital, the authorities are ready to prvide a number of preferential conditions. "Hainan can offer many opportunities, the island provides financial support to small and medium-sized enterprises, for example, space rental at a reduced cost," said Sun Dahai. "We also promote the "one window" principle — a mechanism for easing customs procedures when all the necessary formalities being carried out by the customs service". 

When answering the question which part of the province is better for investment, the official pointed out that each part of the island has its advantages. 

"If investors intend to invest in the financial sector, tropical agriculture, then it is better to start a business in Sanya. If they are eyeing IT, it is better to invest in Haikou. Boao is best for medicine, and Yangpu —  for petrochemical sector", Sun Dahai explained. 

International cluster 

As the Deputy Head of the Propaganda Department of the Party's Provincial Committee, Fu Wei, said at the event — “today Hainan is a hot spot for doing business". 

He also recalled that in April 2019, Chinese President Xi Jinping announced a decision to create a pilot free trade zone throughout the island. According to the plan of the authorities, it will launch the processes of globalization of the provincial economy and increase Hainan's attractiveness for foreign investors.

"By 2020, Hainan should become successful in building a free trade zone and boost the island’s openness, ensure the creation of a free trade port and improve business environment by 2025. By the middle of the XXI century, Hainan should turn into an international cluster with an advanced economic system", said Fu Wei. 

The center for tourism 

 

According to the official, along with the development of a free trade zone and the island's economic potential, the provincial government pays spacial attention to promoting the tourism industry. According to plan, by 2025 Hainan should turn into an "international center for tourism and consumption."

 

Fu Wei pointed out that Hainan Boao Lecheng International Medical Tourism Pilot Zone is actively developing on the island; its services are used by a large number of foreign citizens; cruise tourism is being promoted; the number of foreign visitors, including from Russia, is constantly growing. 

Chinese island is often referred to as the 'Eastern Hawaii' — natural landscapes, rainforests, a developed network of hotels combined with white sandy beaches and a coastline stretching along 1,900 km attract visitors from the most remote places of the world. In 2018, 76 mln foreign and Chinese tourists visited the island, 255,800 of those —  the Russians. 

The 2019 St. Petersburg International Economic Forum is being held on June 6-8. The forum’s motto this year is “Creating a Sustainable Development Agenda”. The organizer for SPIEF-2019 is the Roscongress Foundation. TASS is a media partner, the official photo hosting agency and the operator of SPIEF’s presentation zones with support from multinational firm EY, and the Foreign Investment Advisory Council in Russia.​

Tags