HAIKOU, July 23./TASS/. Construction of 96 facilities worth 37.2 billion yuan (about $ 5.4 billion) began in Hainan's pilot free trade zone, according to www.hinews.cn.
According to the publication, one of the biggest projects that is being implemented amounts to 6.54 billion yuan (about $ 950 million), there are 10 projects with investments ranging from 1 to 5 billion yuan each ($ 145.35 - 726.75 million) totaling 15.2 billion yuan (about $ 2.2 billion). Another 45 projects worth with the funding starting from 100 million yuan to 1 billion yuan ($ 14.5 -145.5 million) totaling 13.1 billion yuan (about $ 1.9 billion). The remaining 40 are the ones with an investment volume of less than 100 million yuan, the total investment for them will reach 2.36 billion yuan ($ 343 million).
All ongoing projects mainly include the improvement of infrastructure, the modernization of industrial production, as well as improving people's living standards.
The news outlet notes that simultaneously with the launch of the construction of the listed 96 projects, another 32 have been signed, the implementation of those is planned for the near future.
In April 2018, President Xi Jinping said that the Chinese authorities intend to actively involve Hainan in globalization and to draw foreign investors to the island province. By 2050, according to the authorities, the island should become a unique international cluster with an advanced economy, developed tourism, top-notch scientific, technical and financial potential, and modern medicine. The branches of the best universities and offices of the most powerful corporations in the world will be located on the Island of Hainan.
By 2025, the Chinese government intends to create an "international center for tourism and consumption" on Hainan. In order to do so, the "Eastern Hawaii" with their unique natural landscapes, thick rainforests and great climate will establish a developed network of hotels, which blend perfectly with white sandy beaches stretching along the coastline. The combination of an exotic subtropical nature and a modern eco-friendly infrastructure will boost tourist inflow to the island from the most distant parts of the world.