HAIKOU, June 12./TASS/. The total amount of used foreign direct investment in the southern Chinese province of Hainan in the first four months of 2019 reached $102 million, exceeding by almost 20 times the previous year's figures, Xinhua reported, citing the press service of the provincial government.
During that period, 109 new enterprises with foreign capital were registered in the Hainan Province, and in terms of the growth rates of used foreign direct investment in the first four months, the province took one of the first places in China. The local administration pointed out tourism, the service sector and high-tech production as key areas for foreign investment on the island. In general, these areas account for more than 85% of all foreign investments.
The press service of the provincial government noted that Hainan is experiencing a steady growth in business activity, which is becoming an important base for innovation, labor market, and also promotes the pilot free trade zone the province. At present, 794,000 market entities are registered on the island: 281,000 firms and 513,000 individual entrepreneurs.
The share of new companies with foreign capital in the overall structure of market entities is not that high, however, as the provincial government stated, the growth rates are at a rather high level. Foreign investors eye such areas as research, the service industry in the technical field, wholesale and retail, information exchanges, software and IT.