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Media: Hainan to introduce urgent measures to revive economy amid pandemic

According to the statement issued by the authorities, emergency measures will stay in place until the end of 2020

HAIKOU, May 7. /TASS/. Hainan will take a number of urgent measures to restore the economy after the novel coronavirus outbreak in order to ensure the implementation of the island's development goals for 2020, the Hainan Daily newspaper writes.

According to the news outlet, the local party committee, taking into account the intended goals, has already announced a list of incentives for the investment sector, consumption, creation of favorable conditions for the agricultural sector, regulation of the actions of the competent authorities to improve the social atmosphere and increase the welfare of the population, ensuring security.

According to the document, the authorities currently intend to deal with the damage the national economy suffered from the pandemic, restore the regular work of the enterprises and guarantee sustainable growth in all sectors of the economy.

"We will use all means at our disposal to stimulate the implementation of emergency measures, inclusing enhanced [government] support. This applies to the exploitation of land and sea territories, assets, environmental protection, assistance to enterprises and skilled personnel," said the local administration.

According to the statement issued by the authorities, emergency measures will stay in place until the end of 2020. Particular attention will be paid to attracting investments and their effective targeted use.

According to official figures, due to the pandemic in the first quarter the province’s GRP decreased by 4.5% to 111.52 billion yuan ($ 15.76 billion), which is still by 2.3 percentage points higher than the national figure for the same period. Hainan's gross industrial product decreased by 12.5% to 18.07 billion yuan ($ 2.55 billion), the services sector — by 3.9% to 68.4 billion yuan ($ 9.66 billion). The agricultural sector, however, even despite the general slowdown in the Chinese economy, grew by 0.4% year on year to 25.05 billion yuan ($ 3.54 billion).

As the regional authorities informed earlier, in 2020 they intend to ensure the dynamics of development will be implemented according to initial plans, despite the obvious difficulties.

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