HAIKOU, July 27. /TASS/. The Hainan authorities registered over 107,000 new private companies in January-June, which is by 22.27% more than in the same period last year. This was announced on Monday by the propaganda department of the provincial party committee.

According to data published during a government meeting devoted to boosting economic growth, there are already more than 1 million commercial organizations on Hainan, of which more than 980,000 are companies, retail outlets and other facilities that are not state-owned.

"The private sector acts as a powerful driver of development, it responds flexibly to changes in the market situation," reads a news article published on the official page on WeChat.

It clarifies that in six months, the added value of enterprises owned by private businesses on Hainan exceeded 163.9 billion yuan ($ 23.4 billion at the current exchange rate). "This corresponds to about 68% of the gross regional product. Companies have shown stable growth in almost all industries, which indicates a positive trend," the island's administration noted.

Moreover, acording to the authorities, up to 87% of taxes received from January to June in the regional budget fell on private business. "The private sector is an indispensable component of the social and economic development of Hainan," the article underlines.

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.  

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.