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Share of modern industries in Hainan's trade in services in January-May reached 37%

The total volume of exports and imports of services on Hainan in the first quarter of 2020 amounted to 3.24 billion yuan (approximately $ 462 million)

HAIKOU, June 23. /TASS/. The share of actively developing modern industries in the volume of foreign trade in services on Hainan in January-May reached 37% — 2.3 billion yuan (about $ 324 million at the current exchange rate). According to the Hainan Daily, this is by 10 percentage points more than in 2019 in the fields of telecommunications and IT, insurance, finance, business, culture and entertainment, maintenance and intellectual property rights.

In the first five months, the total volume of exports and imports of Hainan services amounted to 6.2 billion yuan (approximately $ 875 million), and about 37% of this volume belongs to the indicated modern industries. In particular, significant growth was seen in the business services sector, the volume of foreign trade operations of which amounted to 1 billion yuan (about $ 149 million), which is by 97% more than in 2019. An increase in this indicator was also observed in the field of telecommunications and IT, the foreign trade turnover of which soared by 112.6% to 410 million yuan (about $ 58 million).

The total volume of exports and imports of services on Hainan in the first quarter of 2020 amounted to 3.24 billion yuan (approximately $ 462 million).

As part of the Chinese government's program to create a free trade zone and port on Hainan, China intends to establish an integrated and modern production system based on the advantages and characteristics of this tropical island. In particular, the Chinese authorities plan to focus on the active development of tourism sector, modern service industry and high-tech.

Earlier, the Central Committee of the Communist Party of China and the Сhinese State Council published the “General Program for the Establishment of a Free Port on Hainan,” according to which the island’s administration intends to create an effective system to fulfill a number of important social and economic goals by 2025, and within 10 years to decisively enhance the innovative mechanisms for the region's development.

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