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Hainan's Sanya innovation cluster gains investment worth more than $5 bln in 2019

Over the past year, more than 50 enterprises and research organizations at city and district levels signed agreements on joining the technology park

SANYA, April 14. /TASS/. The volume of investment in the construction of the innovation city in Yazhou Bay in the southern Chinese province of Hainan in 2019 amounted to 36.5 billion yuan (about $ 5.2 billion), according to Xinhua.

Over the past year, more than 50 enterprises and research organizations at city and district levels signed agreements on joining the technology park. The volume of actually disbursed investments
during the said period exceeded 6 billion yuan (about $ 857 million). Last year, according to the news agency, the construction of the necessary basic and related infrastructure, including schools, hospitals, residential and commercial areas, began in the science cluster.

Sanya's Yazhou Bay is part of China's free port construction program in the Hainan Province. In the future, it is intended to become a center for developing new technologies, promoting innovation and conducting high technologies research.

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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