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Number of Hainan market participants exceeds one million

According to the Hainan Department of Commerce, in 2019, 338 enterprises with foreign capital were created in the province

HAIKOU, July 3. /TASS/. The number of economic entities on Hainan in July 2020 amounted to about 1.01 million, reported the Hainan Daily newspaper citing the local Market Regulatory Authority.

According to the authorities, in June, more than 23,300 new participants were registered on the Hainan market, which is by 52.33% more compared to the same period last year. Their number increased amid the publication of a program for Hainan's free port development in June, the news outlet said.

In the first six months, more than 110,000 new market entities were registered on Hainan, which is by 29.95% more than in the first half of 2019. Among them there are 46,400 companies and 63,800 entrepreneurs. Over the past two years, their number has increased by more than 440,000 (approximately by 66%).

“Over the past two years, Hainan has made efforts to create an internationally regulated business climate in accordance with the laws which facilitates the business, and has also actively attracted Chinese and foreign investors to develop industry,” the publication quotes a representative of the department. “[During this time] the number of market entities on Hainan has increased rapidly. "

According to the Hainan Department of Commerce, in 2019, 338 enterprises with foreign capital were created in the province, which is by 102.4% more than in 2018, and the amount of actually used foreign investments doubled compared to the previous year reaching $ 1.5 billion.

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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