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Volume of Hainan's foreign trade in service sector up by 4.6% in January-February

It amounted to $462 mln

HAIKOU, March 26. /TASS/. The total volume of export and import of services in the Hainan province in January-February 2020 amounted to 3.24 billion yuan ($ 462 million), which is by 4.6% higher than the same period last year, despite the novel coronavirus outbreak in the world, according to data obtained by the local Hainan Daily newspaper.

Slightly more than 39% of the total volume of relevant exports and imports accounted for tourism, construction, telecommunications and information. The growth in this indicator amounted to 12.79 percentage points.

The Hainan Province, the newspaper writes, trades in services with 72 countries and regions. The top five include Ireland, the Hong Kong Special Administrative Region, the United States, Singapore and Canada, which in the first two months of this year accounted for over 61% of total trade in the service sector.

The field of logistics and computer technology services, the trade volume of which grew year-on-year by 19.53% and 137.5%, respectively, made the greatest impact on economy in February.

Hainan's free trade zone

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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