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Hainan's foreign trade volume increases by 40% in 7 months of 2019

The import grew by 38,8% reaching $4,9 bln

HAIKOU, September 17. /TASS/. The volume of foreign trade in China's Hainan pilot free trade zone within seven months of 2019 increased by 40% year on year, www.hinews.cn publication reported citing the customs service of Haikou City, the administrative center of Hainan.

Hainan Province, according to the statistics, exported goods worth 19,17 billion yuan (about $ 2,7 billion), exceeding last year's figures by 43%. At the same time, import volume grew by 38,8% to 34,93 billion yuan (about $ 4,9 billion).

The province's trade turnover with the countries of the Belt and Road initiative within the said period grew by 23.3% reaching 19,59 billion yuan (about $ 2,7 billion), and the volume of trade with ASEAN countries increased by 62.1% to 15,15 billion yuan (about $ 2,1 billion).

The Haikou Customs Service noted that such high rates are explained not only with the development of traditional markets, but also largely by the enhanced work with the Belt and Road member-states. In the first half of 2019, the influx of foreign tourists and investment in Hainan also increased significantly.

Hainan's free trade zone project

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.

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