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Hainan reports $319 mln in actually used foreign investment in the first half of 2020

By 2035, Hainan plans to ensure freedom of trade and investment, cross-border movement of capital, entry and exit of people, freight traffic

HAIKOU, July 20. /TASS/. The volume of actually used foreign investments in the southern Chinese province of Hainan in January - June 2020 amounted to $ 319 million, which is almost twice as much as last year, reported www.hinews.cn citing relevant data from the provincial office of commerce.

In the first half of 2020, 203 new enterprises with foreign capital were set up on Hainan, which is by 24.54% more than in the same period in 2019. The authorities said that companies from 30 countries have invested in the new enterprises. Also, since the beginning of 2020, the local authorities have stepped up efforts to draw foreign capital to the province.

The growth in foreign investment on Hainan is seen amid the authorities' project to build a free trade port in the province. On June 1, the Chinese government published a program for its development, according to which Hainan will be turned into a special customs zone. The country's authorities plan to complete the creation of a free port in the province by 2025. By this time, a system for ensuring free trade and investment should be established on the Island of Hainan.

By 2035, Hainan plans to ensure freedom of trade and investment, cross-border movement of capital, entry and exit of people, freight traffic.

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