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Three companies from Hainan enter the list of China's major foreign trade enterprises

Hainan's key foreign partners include US, the EU and ASEAN

HAIKOU, August 15. /TASS/. Three companies registered in the southern Chinese province of Hainan were included in the list of China's 500 largest enterprises, engaged in foreign trade, according to

The ranking of the 500 largest Chinese foreign trade enterprises in 2018 was supplemented by such companies as Hainan Airlines, Sinopec Hainan (a subsidiary of Sinopec) and Hainan Yisheng Petrochemical.

Last year, those 500 companies accounted for more than 35% of China's total foreign trade turnover.

In 2018, the foreign trade volume of the rapidly developing Island of Hainan amounted to 84.9 billion yuan ($ 12.1 billion), which is 20.8% higher than in 2017. Hainan's key foreign partners include US, the EU and ASEAN. 

Foreign investment growth

At a presentation held in Haikou on August 9, the Provincial Office for International Economic Development presented a report on Hainan's investment environment and plans to further increase foreign investment on the island. According to official statistics, the total volume of actually used foreign direct investment in Hainan for the first four months of 2019 reached $ 102 million, which is almost 20 times bigger than the figures for the same period last year. 

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. 

In 2018, more than 76 mln Chinese and foreign tourists visited the Island of Hainan which is by 11,8% more than in 2017. The province's income from tourism industry surged by 14,5% exceeding 95 bln yuan (about $14 bln).